GBPUSD Start thinking of buying. Will find support soon.
The GBPUSD pair couldn't have given us a better sell signal last time we looked into it (October 09, see chart below) as it broke first below the 1D MA50 (blue trend-line) then the Bullish Megaphone and is very close to our 1.2550 Target:
We are approaching the stage where selling becomes far riskier than buying as the pair is approaching the 0.786 Fibonacci retracement level, which on the September - October 2023 fractal (that has been the basis of our previous sell strategy), formed the bottom and initiated a Channel Up to the (orange) 0.618 Fib.
Even the 1D MACD indicates that we are probably a few days before this bottom is formed and will be confirmed with a Bullish Cross.
As a result, we are prepared to take this long and target 1.3100 (the 0.618 Fib).
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We are approaching the stage where selling becomes far riskier than buying as the pair is approaching the 0.786 Fibonacci retracement level, which on the September - October 2023 fractal (that has been the basis of our previous sell strategy), formed the bottom and initiated a Channel Up to the (orange) 0.618 Fib.
Even the 1D MACD indicates that we are probably a few days before this bottom is formed and will be confirmed with a Bullish Cross.
As a result, we are prepared to take this long and target 1.3100 (the 0.618 Fib).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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