GBPUSD approaching major support, prepare to buy
Buy above 1.2830. Stop loss at 1.2791. Take profit at 1.2923.
Reason for the trading strategy (technically):
Price is approaching major support at 1.2830 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to at least 1.2923 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).
Stochastic (21,5,3) is seeing intermediate support above 21% where we expect further bullish movement.
Reason for the trading strategy (technically):
Price is approaching major support at 1.2830 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to at least 1.2923 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).
Stochastic (21,5,3) is seeing intermediate support above 21% where we expect further bullish movement.
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