British Pound is in a downward trend channel since July 2014.
My short appears attractive from a technical point.
I will enter a short GBPUSD position, targeting 1.60.
A SL will be activated on a close above 1.64.
I will TP on 1.61 and move the stop-loss to breakeven.
This Long idea base on ::
1. 50% Fibonacci retrenchment level of the previous pulse
2. Suport and resistances line @ 1.6940.. where is shown sign of bound around this area in the past as indicated by the RED ARROW.
3. Weekly Chart where GBPUSD is currently have an uptrend moment.
This setup base on uptrend movement where usually price will bound off at 50% or...
The support level, is observed and identify by using several day data. as indicated in "red arrows". @1.7055
@1.7055 :: This level seem to have have it act as support and resistance from many time... and each time price touch this level. it could bound back as much as 50pip in any direction.
@1.7055 :: This level also being confluent-ed by Fibonacci-retrenchment...
