GBPUSD Multiple Support Levels, Possible Long Trade Set Up
GBPUSD continues to trade in a triangle formation following a re-test of the confirmed rising trendline drawn for the 11th of December low. The trendline re-test coincides with the psychological support level at 1.30000 where we also have the 61.8% Fibonacci retracement of the rally from the 11th of December low to the March the 13th high. We are still below both the 10 and 50 day MA and we are posting a series of lower highs. It is possible we will see a breakout to the downside and it is imperative a stop loss order is placed to protect from this risk .
Should we see a move below 1.29600 a short position could be considered.
Long trade set up, risk to reward 3.7:1
Entry 1.30387
Stop 1.29600
Target 1.33300
Should we see a move below 1.29600 a short position could be considered.
Long trade set up, risk to reward 3.7:1
Entry 1.30387
Stop 1.29600
Target 1.33300
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