GBPUSD is expected to retrace next week after easily breaking a strong resistance on the chart.
Resistance, which will become support, coincides with the 23.6% Fib Retracement.
For conservative traders, I would recommend to wait for a confirmation before entering the trade. It could be a double top or retest of current level, or it could be a confirmation of retracement by breaking supports on lower time frames.
I would split my targets, first target will be at the 23.6% and second target will be at the 50% Fib with SL moved to break even.
Resistance, which will become support, coincides with the 23.6% Fib Retracement.
For conservative traders, I would recommend to wait for a confirmation before entering the trade. It could be a double top or retest of current level, or it could be a confirmation of retracement by breaking supports on lower time frames.
I would split my targets, first target will be at the 23.6% and second target will be at the 50% Fib with SL moved to break even.
Comment:
As predicted so far!
Comment:
I will tighten my stops on this trade. go to lower timeframes and look for previous resistance. But i will stay committed to that trade as planned.
Trade closed: target reached:
First Target reached. Will close half position and keep it rolling till the next Fib Level.
Potential 2618 trade could build up so if the market retraces upward for the next few days, we will look at a potential 2618 trade.
Potential 2618 trade could build up so if the market retraces upward for the next few days, we will look at a potential 2618 trade.