On the GBPUSD 4 Hour chart, there are multiple indications that there will be a bullish move soon.
1) There is a bullish 3-Drives pattern. Price should move higher to at least the 38.2% Fibonacci level.
2) There is a trendline which has acted as resistance and tested multiple times. It is likely to attract price and be tested again.
3) Stochastic (default settings) indicates an oversold condition.
Price is currently 1.2356
The 38.2 minimum target is at the 1.2400 level. Which is also a good psychological level.
So this can be a good in and out trade for a profit of 44 pips minimum.
1) There is a bullish 3-Drives pattern. Price should move higher to at least the 38.2% Fibonacci level.
2) There is a trendline which has acted as resistance and tested multiple times. It is likely to attract price and be tested again.
3) Stochastic (default settings) indicates an oversold condition.
Price is currently 1.2356
The 38.2 minimum target is at the 1.2400 level. Which is also a good psychological level.
So this can be a good in and out trade for a profit of 44 pips minimum.
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