GBPUSD Weekly View: Remain bullish above major support
Buy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850.
Reason for the trading strategy:
Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction.
Stochastic (55,5,3) is seeing strong support above the 8% level.
Reason for the trading strategy:
Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction.
Stochastic (55,5,3) is seeing strong support above the 8% level.
