This long trade for GBPUSD RR looking very good. We are on the uptrendline on the higher timeframe for the past couple weeks now. Until prices breakout to the downside or upside, we will adjust accordingly. In the meantime, we are still long bias on GU
GBPUSD is approaching its support at 1.2660(61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1.2820 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.5% where a corresponding bounce could occur.
Respected followers, GBPUSD recently touched its support level on trend line. From current level GBPUSD will go up to defined take profit. Do not close until take profit will not hit.
Markets have begun to decelerate in motion as the end of year draws nearer and investors are taking profits and retiring for the year. So this setup might that some time to play out.
Price is in a 4 hour pennant. A break out to any side would let us know where price is headed. However if if breaks to the upside, this could be how it would play out.
A break below...
Today, European President Draghi was due to testify about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee, in Brussels. To sum up what he said in his speech, he clearly stated that the European economy is stabilizing from its draw-down in the 2007-2008 financial crisis. This is why we have been seeing the...
