GBPUSD bouncing perfectly from our buying area, remain bullish
Buy above 1.2898. Stop loss at 1.2804. Take profit at 1.3029.
Reason for the trading strategy (technically):
Price has bounced off our buying area at 1.2810 perfectly previously. We remain bullish looking to buy above 1.2898 support (Fibonacci retracement, horizontal overlap support) looking to play a further rise up to 1.3029 resistance (Fibonacci extension, horizontal swing high resistance). We protect our profits by shifting our stop loss to 1.2804.
Stochastic (34,5,3) is seeing strong support above 6.2% and also has good upside potential for us to play before it reaches any significant resistance.
Reason for the trading strategy (technically):
Price has bounced off our buying area at 1.2810 perfectly previously. We remain bullish looking to buy above 1.2898 support (Fibonacci retracement, horizontal overlap support) looking to play a further rise up to 1.3029 resistance (Fibonacci extension, horizontal swing high resistance). We protect our profits by shifting our stop loss to 1.2804.
Stochastic (34,5,3) is seeing strong support above 6.2% and also has good upside potential for us to play before it reaches any significant resistance.