GBPUSD take our profits and turn bullish
Buy above 1.2384. Stop loss at 1.2330. Take profit at 1.2521.
Reason for the trading strategy (technically):
We close off our short position and lock in our profits from last week. We now turn bullish above 1.2384 support (horizontal support, Fibonacci retracement, Fibonacci extension) for a push up to 1.2521 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) remains below long term descending line but also sees a short term ascending support potentially pushing price up on the intermediate term.
Reason for the trading strategy (technically):
We close off our short position and lock in our profits from last week. We now turn bullish above 1.2384 support (horizontal support, Fibonacci retracement, Fibonacci extension) for a push up to 1.2521 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) remains below long term descending line but also sees a short term ascending support potentially pushing price up on the intermediate term.
