tradetheday

GBP/USD Heading For 1.300

Long
FX:GBPUSD   British Pound / U.S. Dollar
Hello Fellow Traders!

GBP/USD technical signals are starting to line up supporting the upside possibility.

GBP/USD has sold off approximately 800 pips since the high made in September, and meeting with historical support zone clustering with the 61.8% Fibonacci from last major range and RSI divergence on the daily.

Key Points:
- Daily – Divergence between lower lows and RSI lower highs
- Daily – Support and resistance zone
- Daily – Fibonacci 61.8 % of June low – September high
- Price holding below the 200 EMA
- Price holding above the 50 EMA
- Trend line crossed

Key Levels:
Support - 1.26600, 1.27110, 50 EMA
Resistance – 200 EMA , 1.28747, 1.30000

Entry Zone:
Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals.
Optimal Entry – 1.27450
Supporting Entry – 1.27600

Candle Reversals for entry
- Bullish Hammer
- Bullish Engulfing
- Bullish Piercing

The Risk:
As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios.
If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital.

IF: Price breaks below 1.26945 – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter.

Reward / Reward Targets:
Optimal Entry 1.27450 – Target 1 1.28747 = 2.5x Reward to Risk
Optimal Entry 1.27450 – Target 2 1.30000 = 5x Reward to Risk
Supporting Entry 1.27600 – Target 1 1.28747 = 1.5x Reward to Risk
Supporting Entry 1.27600 – Target 2 1.30000 = 3.3x Reward to Risk
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