Pending Long GBP/USD mid to low 1.64XX region
- Mid 1.64XX is the 61.8 fib level of the recent upswing, which is also where the green trend line is (projected trend line from the top and a real trend line based on lows)
- Low 1.64XX is where the red trend line is (projected trend line from the top and this also represents the same drop as we had previously of 411.4 pips).
I would put a hard stop loss at 1.6350/75, don't bother lowering it past this point.
Target 1: mid 1.67XX region
Target 2: previous high at 1.682X
Target 3: 1.7000 (ultimate target)
PS: For the record, I didn't catch the mid 1.65XX bounce of 100 pips, it didn't hit my pending buy order. However, after it dropped, I did get in at 1.6535 but I exited for near break even and decided to wait for lower.
- Low 1.64XX is where the red trend line is (projected trend line from the top and this also represents the same drop as we had previously of 411.4 pips).
I would put a hard stop loss at 1.6350/75, don't bother lowering it past this point.
Target 1: mid 1.67XX region
Target 2: previous high at 1.682X
Target 3: 1.7000 (ultimate target)
PS: For the record, I didn't catch the mid 1.65XX bounce of 100 pips, it didn't hit my pending buy order. However, after it dropped, I did get in at 1.6535 but I exited for near break even and decided to wait for lower.