Trend_Analyst

GBPUSD Pullback, opportunity to add to long position.

Long
FX:GBPUSD   British Pound / U.S. Dollar
Following on from my analysis on the 30th of March and possible long trade set up. We can see that the support confluence area held and we were over 3 quarters of the way to my target. Today has seen the bears take control as EURUSD has plummeted since the this morning. We are now at the 38.2% Fibonacci retracement level of the move up from the low of the 29th and the bear market looks to be running out of steam. Stochastic is oversold and turning up. This is in my opinion a temporary retracement and we should see price recover and continue higher. This is a good opportunity to add to the original long trade or to initiate a new low risk long trade.

New trade set up, risk to reward 4:1
Entry 1.31135
Stop 1.30858
Target 1.3224

Comments

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