I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart
illustrate the bigger idea of buying at support/50 SMA
in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY
-- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25, may constitute a bullish
checkmate, and thus have a relatively tight stop of 40 pips. My target profit is 180 pips away, which gives me a reward/risk of 4.5.