Currently, the price is in a correction of the impulse, we already have a double bottom and shows very strong support level at 1.07830.
I expect the bulls will keep running until we touch the resistance level 1.09880.
Taking long position before the next drop.
Our first target will be 1.4153 it's also a resistance level and the next target will be 1.4216 if the bulls still in charge.
If all target reach we will looking for a sell opportunity to complete this gartley pattern.
The price is around the top of the trend line, if the price fail to close above it and the macd show bearish signal, we might expect a drop to the bottom line, 114.47 is our first target and the second will be 113.87.
When i started to analysis a pair, i always start with multiple time frame analysis. We can see the price fail to close below the 0.5 fibonacci in weekly candle and it become a strong support level. Now the bias has turn to bullish, and we expect the resistance level on 107.380 will become support.
After today's news we saw some positive impact on GBPUSD, and the price started to reverse from the support level.
I expect the price will be able to going all the way up and break the triangle pattern but currently our TP is 1.26130.
We can spot a RSI divergence between the double top of the price, and the price failed to break the resistance line again.
I think it's enough proof to show us the price will fall to the support level 1.3875 before the bulls come, it is also our TP zone.
As the chart shows, the price respect the strong resistance level around 0.62700, it is also a 0.5 fibonacci level of the impuse.
We can be ready to place a sell if the price fail to close above the resistance level in the end of the day.
SL can be define on your own, our TP is also the support level around 0.6173, with great risk/reward ratio.
GBPUSD is in a typical Bullish Triangle.
We may just wait for the price close to the bottom line and looking for a buy entry in lower time frame.
Pay attention to the every high impact news this week that can affect strongly to this pair.
I didn't pay attention on AUDUSD last week and miss the best entry, but maybe it's not too late.
We can see the price hit the upper line of the Pitchfork and show respect on this support level.
I expect the retracement of the price will pierce the middleline before it going to the upper zone.