GBPUSD long opportunity

27 jun 2018

GBPUSD has been in downtrend, broked the long-term uptrend channel in the beginning of May. It is trading in FIBO 0.618/0.5 support area and is under pressure from Brexit, USD rate expectations and trade war threat. In the mean time, the RSI divergence is building. That will potentially turn 1.30-1.3250 area as a hard-to-break bottom and further GBPUSD correction to 1.38-1.40 area in the coming months. It is reasonable to add long at 1.30-1.32 area with S/L on weekly close below 1.30 and TP at 1.38-1.40