GBPUSD approaching major support, prepare to buy
Buy above 1.3002. Stop loss at 1.2829. Take profit at 1.3269.
Reason for the trading strategy (technically):
Price is approaching major support at 1.3002 (Fibonacci retracement, Fibonacci extension, horizontal pullback support) and we expect to see a corrective bounce above this level to push price back up to previous support-turned-resistance level at 1.3269 (Fibonacci retracement).
Stochastic (21,5,3) is seeing strong support at 3.4% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price is approaching major support at 1.3002 (Fibonacci retracement, Fibonacci extension, horizontal pullback support) and we expect to see a corrective bounce above this level to push price back up to previous support-turned-resistance level at 1.3269 (Fibonacci retracement).
Stochastic (21,5,3) is seeing strong support at 3.4% where we expect a corresponding bounce from.