SmartTradingFX
Long

GBPUSD: Potential Three Drives Pattern

FX:GBPUSD   Pound Sterling/U.S. Dollar
602 2 10
Analysis on chart!

First and foremost I always like to ask myself where could price be heading, and then how could it potentially get there?

Previous support was broken and then turned resistance only for a short period before price got back above this level (1.5470) and now looks to be heading back down to test it... We have Fibonacci Confluence in 0.382 and 0.618 Fibonacci Retracements... As well as a potential Three Drives Pattern setting up which completes at our next resistance level ...

I will wait for market open to see if we can get more reason for entry on the lower time frames using Fibonacci Extensions / Inversions and RSI readings!

The only issue I have at the minute is Risk Reward but if price does reach my zone I will look for entry that suits a minimum of a 1:1 Risk Reward...

Continue to like, share and comment your support means a lot!

Smart Trading
Nice looking level, I'm sure I'll be prepared to see what happens if the market gets there as well
+1 Reply
SmartTradingFX Akil_Stokes
Great to hear Akil! Your support and comments mean alot!
Reply
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