Get started
FXEntries

GBP/USD 1HR Bullish Counter Trendline / Fib Retracement Entry

Long
British Pound / U.S. Dollar (OANDA:GBPUSD)  
FXEntries  
OANDA:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Beyond Technical Analysis GBPUSD Bullish Patterns countertrendline Technical Analysis Fibonacci Retracement
0
2
trendanalysis chartpattern beyondta gbpusd bullish countertrendline technicalanalysis fibonacciretracement
I have been doing some analysis on the GBP/USD pair which we can see since last week we have seen a clear reversal of the market to the upside which is presenting some nice fibonnaci retracement entries. I have drawn in a counter trendline which has been created from the retracement of the latest bullish pullup. I do believe there is still room for this pair to go further to the upside. We can see price has reacted to the 50% retracement level which suggests that suggests price could move fast if the counter trendline is broken. I do believe because this pair is moving aggressively to the upside I would only wait for a clear break of the counter trendline before entering not for a pullback. Always wait for the market to present its hand so be patient.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.