GBPUSD bouncing up nicely, remain bullish
Buy above 1.2703. Stop loss at 1.2596. Take profit at 1.2886.
Reason for the trading strategy (technically):
Price is holding really well above our buying area and forming a nice reversal pattern. We remain bullish looking to buy above major support at 1.2703 (Fibonacci extension, Fibonacci retracement, horizontal pullback support, bullish divergence) for a push up to at least 1.2886 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees major support above the 26% level where we expect a bounce from and also sees bullish divergence signalling that a strong bounce is expected.
Reason for the trading strategy (technically):
Price is holding really well above our buying area and forming a nice reversal pattern. We remain bullish looking to buy above major support at 1.2703 (Fibonacci extension, Fibonacci retracement, horizontal pullback support, bullish divergence) for a push up to at least 1.2886 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) sees major support above the 26% level where we expect a bounce from and also sees bullish divergence signalling that a strong bounce is expected.