GBPUSD LONG ON WEEKLY 2/22/22
If price holds orange support zone we have a chance at testing yellow resistance zone.
If Yellow support zone holds we may be able to touch the bottom of light green resistance zone.
Forming an inverse head and shoulders and a bull flag to confirm bullish bias.
Needs a bullish engulfing candle breaking out through the top of the pink channel or near the bottom of the pink channel for a higher risk to reward ratio.
Take profit at top of yellow(0.5 on fib) for low risk , and at the resistance of the light green(.618) for high risk
MacD on the weekly has a bullish cross over
If Yellow support zone holds we may be able to touch the bottom of light green resistance zone.
Forming an inverse head and shoulders and a bull flag to confirm bullish bias.
Needs a bullish engulfing candle breaking out through the top of the pink channel or near the bottom of the pink channel for a higher risk to reward ratio.
Take profit at top of yellow(0.5 on fib) for low risk , and at the resistance of the light green(.618) for high risk
MacD on the weekly has a bullish cross over
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