trad3rr

AB=CD and X-A 1.27 extension confluence - potential long trade

Long
FX:GBPUSD   British Pound / U.S. Dollar
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3
Rationale

1.25 round number.

1.25 provided significant resistance previously - hopefully now support.

1.27 Projection of X-A leg comes in around 1.25.

AB=CD also hits similar price area.

RSI bullish divergence (not as strong as I would like to see, but divergence all the same)

Targets

Looking at a retracement up to 1.2583 and potential further movement upwards to 1.2627

Stops

Quarter risk trade minimal stop around 30 points.