I have been doing some analysis on the GBP/USD pair which we can see since last week we have seen a clear reversal of the market to the upside which is presenting some nice fibonnaci retracement entries. I have drawn in a counter trendline which has been created from the retracement of the latest bullish pullup. I do believe there is still room for this pair to go further to the upside. We can see price has reacted to the 50% retracement level which suggests that suggests price could move fast if the counter trendline is broken. I do believe because this pair is moving aggressively to the upside I would only wait for a clear break of the counter trendline before entering not for a pullback. Always wait for the market to present its hand so be patient.
This is now not in play no clear price action anyway so no trade would of been taken.
FXEntries
⋅
Adjusting the counter trendline to fit what the market is saying. we are still valid for a long trade. We are at the 61.8% fib retracement which is the perfect sweet spot. I will be keeping an eye on how price reacts and still only an entry if the counter trendline is broken.