GBPUSD Is Approaching support, Buy on Weakness!
Buy above 1.3988. Stop Loss at 1.3911. Take Profit at 1.4239
Reason for the trading strategy:
Price is approaching our major support at 1.3982 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.4239 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Reason for the trading strategy:
Price is approaching our major support at 1.3982 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.4239 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.