GBP/USD - Long position @ 1.2520 target 1.2935
Purely on technical analysis, I think this setup on GBP/USD is good for a long position.
We have a rising trend line on the Daily chart, which began when news came about that the government could not legally trigger article 50 without MP's voting on it first. Since then the pound has gained against all it's counters, and specifically pulling back at minor supply level 1.2769.
New Demand was created at 1.2520 and price is nearly pulled back into this area.
The idea is to go long at this level with a stop at 1.2421. The target will be the next supply zone which is between 1.2935 and 1.3023.
In the event that we get stopped out by price breaking through the zone, there is also another nested demand level between 1.2340 and 1.2297. Beyond that there's support and 1.2100
We have a rising trend line on the Daily chart, which began when news came about that the government could not legally trigger article 50 without MP's voting on it first. Since then the pound has gained against all it's counters, and specifically pulling back at minor supply level 1.2769.
New Demand was created at 1.2520 and price is nearly pulled back into this area.
The idea is to go long at this level with a stop at 1.2421. The target will be the next supply zone which is between 1.2935 and 1.3023.
In the event that we get stopped out by price breaking through the zone, there is also another nested demand level between 1.2340 and 1.2297. Beyond that there's support and 1.2100