GBPUSD - Long
GBPUSD presents a possible long trade in the coming week
Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long
Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart
4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement
Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long
Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart
4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement
Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
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.