The price is trading inside an expanding wedge where we can see that the price posted a correction count. Now the price is trading near the 50% Fibonacci retracement, and we have a big engulfing candlestick signaling the end of the correction and time to rally...
Welcome to the GBPUSD chart.
This trade will be pretty risky so we prefer you should take a tight stop-loss of a maximum, 25 to 45 pips on it.
Reward against the risk will be the first target 160 pips 2nd target near 330 pips.
As we have seen price is near the lower band of the parallel channel, we might see another pullback toward our target level before
This analysis for GBPUSD on time frame 4 Hours.
Can entry sell now or P.O SELL price at 1.3100
*2nd option price breakout buy zone can continue entry BUY :)
YELLOW - ENTRY
GREEN - TAKE PROFIT
RED - STOP LOSS
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GBPUSD has reached it's mitigation zone on the 2H timeframe. From this point it should rally to my first TP zone and possibly sell off after/ it could even push up to my second TP zone. We shall see when it gets there... but I think its most probably going to sell. Use proper Risk Management and Safe trading.
Please feel free to comment, your opinion matters. :)
GBPUSD Potential buy looking @ 4hr interval, Possible bullish price movement towards the resistance line (B) around 1.2930 - 1.3001 following the upward trend. Has already hit 1.3001 once on the 17th of January just touching the zone and retest back down hitting support line(A) at 1.2831. However if US Dollar continues to strengthen we may expect a retest.