GBPUSD is at an interesting level as we’re currently at the top end of what to me is a major level of support. If you look at the ebbs and flows on the (above) you’ll see that we’re approaching the previous outside return (retracement) and a violation of this level would cause a rotation in trend. For that reason I expect the bulls to be on the defensive fighting hard not to give up that area.
Technically this is an at market buy right now as we’ve double bottomed at the zone, due to the retest of structure on the peak, I’d like to see a push lower into the 1.5350’s level reducing my potential risk as well.
Depending on if/how this completes will dictate targets but I would expect a move back up into the 1.5420’s-1.5450’s level for first targets.
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