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Gbpusdlongsetup

GBPUSD take our profits and turn bullishBuy above 1.2384. Stop loss at 1.2330. Take profit at 1.2521. Reason for the trading strategy (technically): We close off our short position and lock in our profits from last week. We now turn bullish above 1.2384 support (horizontal support, Fibonacci retracement, Fibonacci extension) for a push up to 1.2521 resistance (Fibonacci retracement, horizontal swing high resistance). RSI (34) remains below long term descending line but also sees a short term ascending support potentially pushing price up on the intermediate term.
Long
by theforexarmy
1
GBPUSD Weekly View: Remain bullish above major supportBuy 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.
Long
by theforexarmy
GBPUSD bouncing nicely, remain bullishBuy 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.
Long
by theforexarmy