GBP/USD has been trading inside this range since summer of 2016.
Resistance area has been tested 4 times and support area has been tested 7 times. The last time just recently.
Based on these multiple swings on the weekly and previously respected areas, the probability is for price to bounce at this support area and swing up.
We can see price swing to the top of the range (tp 4) or we can see a reversal happen at the yellow horizontal line (TP 2), which is also a level that has been respected multiple times.
I entered the trade last week, Thursday 28 of July, using a buy stop.
My entry price was: 1.21900.
TP 1: 1.25929
TP 2: 1.32900
TP 3: 1.36450
TP 4: 1.41955
Resistance area has been tested 4 times and support area has been tested 7 times. The last time just recently.
Based on these multiple swings on the weekly and previously respected areas, the probability is for price to bounce at this support area and swing up.
We can see price swing to the top of the range (tp 4) or we can see a reversal happen at the yellow horizontal line (TP 2), which is also a level that has been respected multiple times.
I entered the trade last week, Thursday 28 of July, using a buy stop.
My entry price was: 1.21900.
TP 1: 1.25929
TP 2: 1.32900
TP 3: 1.36450
TP 4: 1.41955