Price has made a new high. (value based on close, actual high on not breached yet)
Implies that buying strength has increased
Gap between 200 and 50 is still wide, supporting up trend
Price zoomed past INTERNAL FIB LINE (IFL) of the uptrend
Currently undergoing a retest of the IFL.
A yesterday is a warning of the lack of conviction by market players to buy into GBP
WAIT for the IFL to be tested and supported before making a buy.
IF BUYING, PROJECTIONS
The IFL provides a good spot to place Stop loss for aggressive position sizing (1.675-1.676 region)
Otherwise a 2*ATR or the latest PSAR value could be used as stop to allow the pair more space to wriggle
TARGET PRICE: Ride the trend!