Daily: 1. 14 day downtrend seemed to have ended as price found support around support found around 1.2605. 2. Pinbar formed and closed. 3. Bullish candle now in play.
4HR: 1. Price broke daily downtrend line.
1HR: 1. Price broke below area 1 and pushed back up through the downward trendline and back up above area 1, acted as support and broke above.
Take profit: 50% and 61.8% fib levels
Re-entry (long) 50% and 61.8% fib levels after short move is completed and price action provides a signal.
NOTE: Indicators follow price, price does not follow indicators. The indicators are to be used to give a visual of what the price is doing. Indicators are applied to the chart as a final step after technical analysis is complete.FX:GBPUSD