Here we can see the Fib extension of 1.61 closely correlates to existing resistance, this would be a great TP point if you bought in now, once TP is hit I would switch the position around to a short for a bigger retracement down.
Note
GBP outlook has gone from a neutral to sell over the next 6 months, we may have already seen the high for the year. The trade is still valid for a small short position at 1.7773 but I doubt we'll see it (but you never know...)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.