NickLindleyFx

GBP/USD potential long play.

FX:GBPUSD   British Pound / U.S. Dollar
63 0 2
My long term bias on this sterling pair is bullish , I think we will see a sizeable retracment from the previous rally down.

On the above daily chart , I have spotted a clear uptrend, highlighting the Higher highs and Higher lows. I think we could see this potential retrace back to the 4hour lower high which coincides with the 50% fibonacci level if price decides to decline in the short term.

If I witness candlestick rejection around this area (highlighted In blue) on the hourly chart I will look to enter long targeting the previous high of the fibonacci set-up and higher. However, if I witness this play I will only enter long if I can identify 5 clear confluences due to my technical strength scoring weighting the dollar stronger than the sterling.
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