rodrigosmarts

Pound on the best buying zone

Long
FX:GBPUSD   British Pound / U.S. Dollar
5
The GBP reached the best buying zone I've pointed on the previous analysis.
Pound is known for it's great pullbacks, and it's never a good idea following the trend before 50% of the previous movement.
We've scalped the GBP on the fib 38.2%, which reached our target at fib 23.6%, and now it's time to get loose from our short positions and start positioning our long towards the tendency.
As ths stops should be right above the fib 76.4% (30 pips from the actual price), this area gives us a e very good risk/reward relation, as we aim for 100 pips.

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