Great R:R for a long position in GBPUSD
The GBPUSD looks to be in a bullish corrective structure. Looking for one more high towards the daily resistance area at 1.46
We are starting to see some buying near the bottom of the channel which confluences with the 88.6% Fib. The 4H Candle has yet to close, however, good risk to reward from this area with stops below the 1.40527 lows.
A 1H or 4H bullish engulfing candle would add further conviction to the trade.
We are starting to see some buying near the bottom of the channel which confluences with the 88.6% Fib. The 4H Candle has yet to close, however, good risk to reward from this area with stops below the 1.40527 lows.
A 1H or 4H bullish engulfing candle would add further conviction to the trade.
