MyFxLife

Short and Long possibility

FX:GBPUSD   British Pound/U.S. Dollar
29 0 0
Price is in uptrend supported by structure lows. If the price find the third support and bounce back the next resistance will be at the 0.236 fibo which is exactly on the same level as the Murrey Reserval. They together can build a very strong resistance. If the price will reach this area (1.3300) there will be a nice short possibility with 2.50 risk/reward ratio. After this correction the next support for the price can be the Murrey Mayor Support level. At this point i see a chance for long until the previous Murrey Level (0.236 fibo) with 1.80 risk/reward. Structure support (green line) become resistance.
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