SMHuss3
Long

Possible LONG scenario

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Drawing a daily fib, price failed to break the 50% level (also confluent with previous resistance, now support) on its bearish leg down.

What followed on the 50% fib was a bullish engulfing candle indicating potential upwards momentum .

Currently there are two drawn trendlines. If there is breakout of the inner trendline on the smaller timeframe it will warrant a long move. A further position may be added after a break of the outer trendline, targeting the 23.6% fib which is also confluent with previous resistance.

On a longer term basis, if target 1 is surpassed, then a new higher high will be expected, potentially at 1.600.

ON THE OTHER HAND, if price does not show appropriate bullish price action on smaller timeframes near the trendline, the a short move can be considered if the support around 1.500 is broken and retested as resistance.

Related Ideas

SMHuss3
2 years ago
TARGET 1 HIT
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out