British Pound / U.S. DollarUpdated GBPUSD hourly
Here I'm trading the potential scenario where we have a retrace down to 61.8% fib of the recent bullish leg. This is then followed by a long opportunity. Will update this post when we get to this point.
Behind this idea we have a bullish reversal which is showing by change in momentum and a double bottom followed by a break to the upside (of the V point of the double bottom).
The long target is a previous support area at 1.293
Behind this idea we have a bullish reversal which is showing by change in momentum and a double bottom followed by a break to the upside (of the V point of the double bottom).
The long target is a previous support area at 1.293
Note
Entered another sell position at x676 as we had a long wick followed by a retrace to the previous candle closing price.Note
Sell position closed, target reached at x276. 40 pips secured. Eyeing for opportunity to get long. No buy positions active yet - we've got a nasty looking bearish candle.
Note
Fairly decent prognosis and outcome, altho price action did go deeper to hit that horizontal support line one more time before heading up.
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