Trend_Analyst

GBPUSD Support Confluence Area, Possible Long Set Up

Long
FX:GBPUSD   British Pound / U.S. Dollar
Friday saw the lower channel trendline retested for support which held for the third time and we have three consecutive bullish candles before Fridays close. This level coincides with the 61.8% Fibonacci retracement of the rally from the 14th of February low to the 27th of February high and the support level at 1.29800. We also have a bullish crossover on Stochastic which has just crossed back up from oversold territory.

Long trade set up, risk to reward 2.4:1
Entry 1.30500
Stop at 1.29700
Target at 1.32400