GBP/USD is currently in the process of going to test the
1.3300 level as support. As it is the 78.6% retracement from
1.3254 to 1.3473, a Gartley pattern setup seems viable.
If price does not reverse at the 1.3300 level, then the next
potential bullish reversal level would be the 1.3279 level,
which is just above point C of the adjacent Bearish Bat
Pattern, and the 88.6% retracement level.
Despite all the bad fundamentals, I still believe that
GBP/USD will have to reach the 1.3500 levels to reach any
lower.
Trade long (RvR ratio 2.39)
Entry: Close above 1.3337 and above the 10SMA
S/L: 1.3240
T/P 1: 1.3421
T/P 2: 1.3569
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
1.3300 level as support. As it is the 78.6% retracement from
1.3254 to 1.3473, a Gartley pattern setup seems viable.
If price does not reverse at the 1.3300 level, then the next
potential bullish reversal level would be the 1.3279 level,
which is just above point C of the adjacent Bearish Bat
Pattern, and the 88.6% retracement level.
Despite all the bad fundamentals, I still believe that
GBP/USD will have to reach the 1.3500 levels to reach any
lower.
Trade long (RvR ratio 2.39)
Entry: Close above 1.3337 and above the 10SMA
S/L: 1.3240
T/P 1: 1.3421
T/P 2: 1.3569
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading