GBPUSD bounced spectacularly off the all time monthly support on monday leading to an extremely bullish week encouraged by the bearish dollar. We can see GBPUSD has almost completed a 61.8% retracement of its most recent bearish move. The 61.8 coincides with an area of resistance for the pair.
Expecting to see between a 50% and 61.8% retracement of this latest move depending on fundamentals and dollar strength over the coming week.
Would look to enter small positions on and around the 61.8% fib and larger position once the current channel is broken depending on price action and dollar strength.
Trade active
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First entry taken at 1.24524 on market open 100 pips in profit.