GBPUSD Is Testing Its Support, Prepare For A Bounce

FX:GBPUSD   British Pound / U.S. Dollar
Buy above 1.3991. Stop loss at 1.3925. Take profit at 1.4182.
Reason for the trading strategy (technically):
GBPUSD is approaching testing its support area at 1.3991 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal overlap support) where we expect to see a bounce, pushing price up all the way to its resistance at 1.4182 (50% Fibonacci retracement , horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.4082 (23.6% Fibonacci retracement , horizontal overlap support).
Stochastic (55, 5, 3) is testing its support at 3.11% where we expect to see a corresponding bounce.
you're trading setup is "long" and not "short".
@kyanmarco, thank you! my mistake! :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out