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MEX_Exchange

GBPUSD bouncing nicely off our support, remain bullish

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdlong gbpusdshort gbpusdsignal gbpusdtrade gbpusdidea forexsignals
103
0
trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdlong gbpusdshort gbpusdsignal gbpusdtrade gbpusdidea forexsignals

GBPUSD is bouncing nicely above our buying entry, we remain bullish for a further rise.

Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price has tested our buying entry and bounced nicely off it showing there are clearly some buyers at that level. We remain bullish looking to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (89) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.
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