GBPUSD remain bullish above major support
Buy above 1.3006. Stop loss at 1.2954. Take profit at 1.3109.
Reason for the trading strategy (technically):
Price continues to drop towards our buying area. We prepare to buy on major support at 1.3006 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a bounce up to at least 1.3109 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is testing major support at 7.5% and we can see bullish divergence being formed vs price signalling that a bounce is impending.
Reason for the trading strategy (technically):
Price continues to drop towards our buying area. We prepare to buy on major support at 1.3006 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a bounce up to at least 1.3109 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is testing major support at 7.5% and we can see bullish divergence being formed vs price signalling that a bounce is impending.