On the higher timeframes you can see GU respected the major monthly support line at 1.38. Prior to that you can see high volatility in price as it approached that level. This is similar to my GBPJPY trade where you can see hints of bulls coming into play. So, my play here is to go long and to find a good entry position. Price is hitting a good confluence area at the 1.41 area with the ascending trendline starting from the lows at 1.38, the retest of the descending trendline which partitioned the bullish channel price is currently in, and with the 61.8% fib retracement. Looking to go long to 1.49513 where prices should meet the long term descending trendline.
Comment:
price finally jumped back into the channel convincingly. on route to 1.48