The price has recently been in a downtrend is heading close to the 1.378 Fibonacci support. I believe this could be a good opportunity for a long. The take profit could be placed on the next Fibonacci resistance which on my chart corresponds to the 1.37975 area or on the next resistance level which is 1.3808. The stop loss could be placed under the Fibonacci support which should be two times lower than the reward, for me it will be at 1.376.
GBPUSD
GBPUSD
Comment:
The first take profit has been hit and the trade was closed at 1.3808, at 292 pips in profit.