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MEX_Exchange

GBPUSD Strategic View: Major resistance broken, remain bullish

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdshort gbpusdlong gbpusdsignal gbpusdidea Forex forexsignals
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdidea forex forexsignals

Buy above 1.3309. Stop loss at 1.3202. Take profit at 1.3522.
Reason for the trading strategy:
Price has finally broken our major descending resistance-turned-support line triggering a strong bullish move from here. We look to buy above major support at 1.3309 (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 1.3522 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (55,3,1) has also broken through its descending resistance line with a bullish exit, signalling that a rise should be expected from here.
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