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theforexarmy

GBPUSD Weekly View: Remain bullish above major support

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
theforexarmy  
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD gbpusdshort gbpusdidea gbpusddaily gbpusdnews gbpusdlong USD GBP gbpusdanalysis gbpusd1hr gbpusdlongsetup gbpusdsell gbpusdtrade
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gbpusd gbpusdshort gbpusdidea gbpusddaily gbpusdnews gbpusdlong usd gbp gbpusdanalysis gbpusd1hr gbpusdlongsetup gbpusdsell gbpusdtrade
Buy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850.
Reason for the trading strategy:
Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction.

Stochastic (55,5,3) is seeing strong support above the 8% level.

Related Ideas

theforexarmy
GBPUSD remain bearish for a further drop
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