gbp usd long term setup

OANDA:GBPUSD   British Pound / U.S. Dollar
on the gbp/usd I see a potential bullish set up while applying support and resistance lines. I see possible retracement towards newly formed support zone which has been tested before from previous data and I believe price will retrace towards the 0.618/0.7 level before shooting off. Price than formed an ABCD with D being the final confirmation of the pattern.

Be careful trading this as fundamentals are coming out with brexit uncertainties which may drive GBP lower which could possibly lead to a short set up if price decides to not move in our direction. So I will look at this as a long set up until further confirmation.

Related Ideas


Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter