FX:GBPUSD British Pound/U.S. Dollar
With the break above/close above of the recent high of 1.51641 on the daily time frame, we have a beautiful opportunity shaping up on the 240 timeframe. With the at 85, we should see a little pullback and then hopefully another rally. If we can get about a 125 pip rally up into the kill zone marked out on the chart then all we need is some confirmation for a short. In this zone you have: 1:1 move completion, 1.618 fib ext., 1.272 inverted fib ext. then you have fib retrace .382/.618/.786 confluence all right in the middle of that kill zone. And if that isn't enough, right through the middle of that kill zone is a daily structure level that has been tested as more than half a dozen times over the past few years. Whatever your entry rules are, if price action comes into this zone and your engagement rules are met, this could be an awesome opportunity.