Buy Setup Targets 1.50 - Strong Bounce from Support
GBPUSD has shown a nice bounce from support at 1.4351
In that area we have, major support indicated by the chart, the 50% Fib, as well as a rising trendline on 4H.
On 1H we already have a bullish engulfing candle.
The longer term outlook here is for a bearish USD. My previous charts provide the full explanation from a fundamental perspective, please click on the link to related ideas if you have not read the fundamentals yet.
In that area we have, major support indicated by the chart, the 50% Fib, as well as a rising trendline on 4H.
On 1H we already have a bullish engulfing candle.
The longer term outlook here is for a bearish USD. My previous charts provide the full explanation from a fundamental perspective, please click on the link to related ideas if you have not read the fundamentals yet.
Comment:
I'm near ready to cancel this trade. There is potential for upside, however at the moment it is lacking any kind of momentum at these levels, showing a lack of urgency to get on the long side.
Trade active
