saml01

GBPUSD - Long Opportunity

Long
FX:GBPUSD   British Pound / U.S. Dollar
92 views
1
Top Down approach:

Identified the weekly key levels @ 1.32289 resistance and @1.27508 support
Identified the daily key level @ 1.29326

Idenfitied current trend structure, today's 1D&4H shows rejection of the weekly support as planned
Since price has broke out the downward channel and starting showing bullish strength
Were heading toward a 38 fib retracement from most recent high

Looking for price action @ level 1.29320 to give indication if price is strong or is retracing to 38 fib level
If price breaks into 38 level and reject the downside, we couild see a long opportunity to 50 fib level and above
No trade indicated at the minute, one to watch