Heres my current long position on pound / dollar as of this morning.
This is a setup I have been patiently waiting for since initially breaking down the markets on Saturday. 1.28000 is an area of support significantly highlighted across the weekly time frame. After seeing a break In the bearish trend structure on the weekly I have been eyeing a decline in price to allow me to offload a sniper long entry.
1.28000 was hit yesterday and as seen above on the hourly time frame has failed to make new lows past this region. Instead, we have formed an initial higher low on the 61.8% fibonacci retracement level and have now put in place the first structure in what I believe will be the start of a new short term bull run.
I will not go into too much detail as I want to get this piece of analysis out ASAP. Target = 1.28734.