GBPUSD Testing Support, Prepare For A Bounce!
Buy above 1.3011. Stop loss at 1.2955. Take profit at 1.3100.
Reason for the trading strategy (technically):
GBPUSD is approaching its support at 1.3011 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 1.3100 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is testing its support at 2/9% where a corresponding bounce is expected.
Reason for the trading strategy (technically):
GBPUSD is approaching its support at 1.3011 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 1.3100 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is testing its support at 2/9% where a corresponding bounce is expected.