GBPUSD profit target reached once again, remain bullishBuy above 1.2510. Stop loss at 1.2421. Take profit at 1.2651.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly as expected. We now remain bullish above 1.2510 support (Fibonacci retracement, horizontal pullback support) for a further push up to 1.2651 resistance (major Fibonacci extension).
RSI (34) has made a nice bullish exit signalling that a further rise in price is expected.
Gbpusdfib
GBPUSD right on resistance again, remain bearishSell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356.
Reason for the trading strategy (technically):
We remain bearish below 1.2546 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support) especially with price making a bearish exit.
RSI (34) sees a descending resistance line holding price down really well.
GBPUSD reached profit target, turn bearishSell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356.
Reason for the trading strategy (technically):
Price has bounced and reached our profit target from yesterday. We turn bearish below 1.2546 resistance (Fibonacci retracement horizontal overlap resistance) for a push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support).
RSI (34) is seeing strong descending resistance holding price down.