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MEX_Exchange

GBPUSD approaching major support, prepare to buy

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade Forex forexsignals
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade forex forexsignals
Buy above 1.3002. Stop loss at 1.2829. Take profit at 1.3269.
Reason for the trading strategy (technically):
Price is approaching major support at 1.3002 (Fibonacci retracement, Fibonacci extension, horizontal pullback support) and we expect to see a corrective bounce above this level to push price back up to previous support-turned-resistance level at 1.3269 (Fibonacci retracement).
Stochastic (21,5,3) is seeing strong support at 3.4% where we expect a corresponding bounce from.
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