Price action looks to be forming a bottom.
A bullish reverse Head and Shoulders is forming.
We have a 38.2% Fibonacci pullback level of 1.2115 from 1.2075 to 1.2240.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
We look to buy dips.
We look to Buy at 1.2120
Target 1: 1.2240
Target 2: 1.2270
Looking likely that cable is going to test the 382 levels again. Hopefully today it will bypass them and we can look towards a large bullish move. Nice closing on the candles and is continuing to rise.
I have entered the trade at 1.2549.
SL - 1.2520, tight stop loss I know but bypassing this price I think will mean a continuation to the downside.
No TP set...
For intraday traders.
Crossover of 5&20 Moving averages on 4H chart providing long signal.
4H Fib levels likely to move towards 0.382 retracement and continue trend.
I entered at 1.25410
TP - 1.25760
SL - 1.25200
Price of #GBPUSD is overall bearishh however we have a intraday bearish break to the upside
with minor S&R on the smaller time frame. With a risk to reward of 2:1 and target at 25637
I'm anticipating for price to rally up 29pips.