GBPUSD has broken major resistance and is lining up perfectly for a strong rally.
Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price has broken major descending resistance-turned-support line and looks poised to rally from here. We look to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (55) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.
Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price has broken major descending resistance-turned-support line and looks poised to rally from here. We look to buy above major support at 1.3923 (Fibonacci retracement, horizontal overlap support, bullish Ichimoku cloud) for a push up to at least 1.4068 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (55) has made a similar bullish exit signalling that we’re really seeing a shift in momentum.