GBPUSD Testing Its Support, Prepare For A Bounce!
Buy above 1.3191.
Stop loss at 1.3149.
Take profit at 1.3301.
Reason for the trading strategy (technically):
GBPUSD is testing its support at 1.3191 (61.8% Fibonacci extension x2, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce to its resistance at 1.3301 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.3% where a corresponding bounce is expected.
Stop loss at 1.3149.
Take profit at 1.3301.
Reason for the trading strategy (technically):
GBPUSD is testing its support at 1.3191 (61.8% Fibonacci extension x2, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce to its resistance at 1.3301 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.3% where a corresponding bounce is expected.