Buy above 1.2433. Stop loss at 1.2330. Take profit at 1.2563.
Reason for the trading strategy (technically):
GBPUSD has touched our entry level and is bouncing nicely as expected. We remain bullish on GBPUSD above major support at 1.2433 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a bounce up to 1.2563 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is bouncing nicely above strong support at 4% and displays bullish divergence vs price.
Reason for the trading strategy (technically):
GBPUSD has touched our entry level and is bouncing nicely as expected. We remain bullish on GBPUSD above major support at 1.2433 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a bounce up to 1.2563 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is bouncing nicely above strong support at 4% and displays bullish divergence vs price.
