Following some recent GBP strength, price has retraced. Reasons for the long trade:
- Price is at the 38.2 % Fibonacci level of the recent upswing.
- This is also an area of confluence with previous resistance.
- Price has also retraced from the 61.8% to the 38.2% Fibonacci levels of the greater downswing
- A double bottom with bullish RSI divergence and a pin bar on the 2nd test of support