Long Term Buy Idea for GBP\USD

FX:GBPUSD   British Pound / U.S. Dollar
I would anticipate a retest of the 1.5800 level next week and go Long with initial Stop Loss at 1.5700.
The 50 MA has crossed the 100 MA (Golden Cross formation).
From the MACD is clear that we have strong bullish momentum (the signal line is leading the histogram).
First Target is 1.6080 which is also the Missed Yearly Pivot Point .
Now the pair is in trending channel which suppose to stay for Second Target around 1.6290.
Similar view, one more push up after a correction. Then a larger correction and an even larger rally to follow.

+1 Reply
moorekapital IvanLabrie
I Published This Chart 1 Month Ago. I Believe It Could Go Higher
moorekapital moorekapital
See 127.20, 161.80 And 261.80 Fib Projections
This is the reason why I disagree
There is always more than one opinion. That's why the Forex Market is moving. I agree with you but first I would like to see a retracement of the 0.618 (1.6186) Fib level before I go short. From a longer perspective maybe you are correct, but for now there is strong bulish momentum. We will see in the coming week what will happen.
+1 Reply KPeykov
Thank you for your reply. Let us see how this plays out. Good luck!
I disagree but nice chart! :D
I agree on big picture, howewer Brent oil price needs to follow through and currently is retracing
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