GBPUSD: A Long Opportunity

Jul 9, 2019

Due to the Nonfarm Payrolls report last Friday, Cable has been on a bearish run for the past few days as USD gains ground. Looking at the 1 hour chart, we see that Cable is currently testing the prior low from the NFP bearish run; judging from how a strong hammer pattern formed at the low of 1.24810, it is extremely unlikely that this support level would be broken. Seeing a low RSI value, by setting a T/P at the 50 SMA level where sellers are likely to come in, we see that this is a long opportunity with a healthy 3 to 1 risk to reward ratio.