This Long idea base on ::
1. 50% Fibonacci retrenchment level of the previous pulse
2. Suport and resistances line @ 1.6940.. where is shown sign of bound around this area in the past as indicated by the RED ARROW.
3. Weekly Chart where GBPUSD is currently have an uptrend moment.
This setup base on uptrend movement where usually price will bound off at 50% or Fibonacci level before continuous higher.
My Long configuration::
Entry @ 1.6940 :: This price area support by 50% Fibonacci level.
Stop @ 1.6900 :: (-40pip SL) come from the spike last month. as seen on the chart.
Target. @ 1.7180 :: This is highly and likely to be hit if the uptrend still continues and price do revert at 1.6940
1. 50% Fibonacci retrenchment level of the previous pulse
2. Suport and resistances line @ 1.6940.. where is shown sign of bound around this area in the past as indicated by the RED ARROW.
3. Weekly Chart where GBPUSD is currently have an uptrend moment.
This setup base on uptrend movement where usually price will bound off at 50% or Fibonacci level before continuous higher.
My Long configuration::
Entry @ 1.6940 :: This price area support by 50% Fibonacci level.
Stop @ 1.6900 :: (-40pip SL) come from the spike last month. as seen on the chart.
Target. @ 1.7180 :: This is highly and likely to be hit if the uptrend still continues and price do revert at 1.6940