GBPUSD Approaching Support, Prepare For A Bounce!
Buy above 1.3082.
Stop loss at 1.3010.
Take profit at 1.3213.
Reason for the trading strategy (technically):
GBPUSD is approaching support at 1.3082 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce up to its resistance at 1.3213 (61.8% & 76.4% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3.75% where a corresponding bounce could occur.
Stop loss at 1.3010.
Take profit at 1.3213.
Reason for the trading strategy (technically):
GBPUSD is approaching support at 1.3082 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce up to its resistance at 1.3213 (61.8% & 76.4% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3.75% where a corresponding bounce could occur.