GBPUSD is oversold on daily and has broken out the 4H descending trendline. Im now waiting for pullback to 1.2668 before going long. The 4H 20EMA and 50 EMA have crossed over giving further confirmation for the change of trend direction. Target is almost 200pips, at the daily 50EMA which lines up nicely with the previous low swing, a strong resistance level and 50% fib. Will be trading carefully with USD this week as of NFP on Friday.
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Past two daily closes have been bearish with wick rejection to the upside. Possibility of further bearish movement before our bull run. May be an inverted head and shoulders forming on 4H. With NFP tomorrow I am staying out of trades until Monday.
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Nice 4H retest and a bullish hammer candle rejection to my zone. Entry 1.2675 SL 1.2625 (50) TP 1.2863 (190)