GBPUSD Bounce Off Support, Prepare For A Rise!
Buy above 1.3030.
Stop loss 1.2945.
Take profit at 1.3222.
Reason for the trading strategy (technically):
GBPUSD bounced off its support at 1.3030 (100% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing low support) where we expect price to rise to its resistance at 1.3222 (76.4% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback resistance).
Stochastic (89, 5, 3) bounced off near its support at 3.3% where a corresponding rise could occur.
Stop loss 1.2945.
Take profit at 1.3222.
Reason for the trading strategy (technically):
GBPUSD bounced off its support at 1.3030 (100% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing low support) where we expect price to rise to its resistance at 1.3222 (76.4% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback resistance).
Stochastic (89, 5, 3) bounced off near its support at 3.3% where a corresponding rise could occur.