1. 50% Fibonacci retrenchment level of the previous pulse 2. Suport and resistances line @ 1.6940.. where is shown sign of bound around this area in the past as indicated by the RED ARROW. 3. Weekly Chart where GBPUSD is currently have an uptrend moment.
This setup base on uptrend movement where usually price will bound off at 50% or Fibonacci level before continuous higher.
My Long configuration:: Entry @ 1.6940 :: This price area support by 50% Fibonacci level. Stop @ 1.6900 :: (-40pip SL) come from the spike last month. as seen on the chart. Target. @ 1.7180 :: This is highly and likely to be hit if the uptrend still continues and price do revert at 1.6940
Follow up for more accurate entry for this idea.
Entry could move down to
Entry 1.6920 :: This level use support/resistance a few bound as shown in red arrow, as well as this price located inside range of Fibonacci level between (0.5 - 0.382)
Stop @ 1.6880 (-40pip SL):: this level also located under 1.6900 (by 20pip) , which is a round number where could add as a barrier in cast price drift.
Target @ 1.7180 and could be the same.
Follow up for more accurate entry for this idea.
Entry could move down to
Entry 1.6920 :: This level use support/resistance a few bound as shown in red arrow, as well as this price located inside range of Fibonacci level between (0.5 - 0.382)
Stop @ 1.6880 (-40pip SL):: this level also located under 1.6900 (by 20pip) , which is a round number where could add as a barrier in cast price drift.
Target @ 1.7180 and could be the same.