A quick Follow-up on the GBP/USD Long Trade.
We have reversed the position at 1.2448 a test of the structure 2.
Technically, the trend is still down and a failure to trade above the structure 2 makes the GBP/USD still bearish.
The last Bullish wave 4 to 5 has given us a short setup using the Fibonacci. This is a high-probability setup for a strong reversal (short) or a downtrend continuation setup.
Initial Target 1.2347, If the price breaks below 1.2330, the downtrend will continue.
Stop Loss: 1.2473
We have reversed the position at 1.2448 a test of the structure 2.
Technically, the trend is still down and a failure to trade above the structure 2 makes the GBP/USD still bearish.
The last Bullish wave 4 to 5 has given us a short setup using the Fibonacci. This is a high-probability setup for a strong reversal (short) or a downtrend continuation setup.
Initial Target 1.2347, If the price breaks below 1.2330, the downtrend will continue.
Stop Loss: 1.2473
