GBPUSD has flattened the decline. Potential rebound ahead.
GBPUSD is trading inside a Bullish Megaphone since the April 22nd low.
Typically it bottoms after the price crosses under the MA50 (1d), which it did last week.
Even though the bottom of the Megaphone is a bit lower, R/R suggests that those are solid buy entry levels.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 1.3670 (the 1.618 Fibonacci extension, where all 3 previous Highs were priced).
Tips:
1. The RSI (1d) has flattened and its MA trend line is approaching. A crossing will confirm the bullish signal.
Please like, follow and comment!!
Typically it bottoms after the price crosses under the MA50 (1d), which it did last week.
Even though the bottom of the Megaphone is a bit lower, R/R suggests that those are solid buy entry levels.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 1.3670 (the 1.618 Fibonacci extension, where all 3 previous Highs were priced).
Tips:
1. The RSI (1d) has flattened and its MA trend line is approaching. A crossing will confirm the bullish signal.
Please like, follow and comment!!
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Start being profitable! 💰
Feragatname
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