This trade set up is for GBP/USD based off of the 4H chart.
Now we can see price action failed at the 61.8% Fib level on 3 occasions over 2 days. This failure supports the theory that price action is simply taking a break from moving up after a long period of gains.
The market appears to be rejecting any further decline past the 61.8% fib level which is significant given this is a key price reversal level.
We have our trade set up with a risk to reward ratio of 3.53 making this an attractive trade to take.
We will be entering at the market open in the UK 10pm and wish you luck if you decide to enter too.