GBPUSD Is Approaching support, Buy on Weakness!
Buy above 1.3988. Stop Loss at 1.3911. Take Profit at 1.4239
Reason for the trading strategy:
Price is approaching our major support at 1.3982 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.4239 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Reason for the trading strategy:
Price is approaching our major support at 1.3982 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.4239 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.