FX:GBPUSD   British Pound / U.S. Dollar
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GBPUSD             presents a possible long trade in the coming week

Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long

Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart

4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement

Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
** Review **

Bias on this pair was seen to be correct with a bullish price move which hit both take profit targets

At the start of the week it could be seen that price had recently made a bullish break of the CTL and looked set to retest before resuming a bullish move and completing a Fibonacci action

As seen from the auto chart refresh above, price played out almost exactly as anticipated

Analysis for next week will involve watching for a retracement of the latest bullish move as well as looking at DXY and its possible movements
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