GBPUSD Approaching Support, Prepare For A Bounce
Buy above 1.3062.
Stop loss at 1.2974.
Take profit at 1.3201.
Reason for the trading strategy (technically):
GBPUSD is approaching its support at 1.3062(100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3201 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
Stop loss at 1.2974.
Take profit at 1.3201.
Reason for the trading strategy (technically):
GBPUSD is approaching its support at 1.3062(100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3201 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.