GBPUSD is hovering around our buying entry level presenting us with a good opportunity to buy.
Buy above 1.3923. Stop loss at 1.3864. Take profit at 1.4068.
Reason for the trading strategy (technically):
Price continues to test our buying entry perfectly. 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 (89) has made a similar bullish exit signalling that we’re really seeing a shift in momentum. We’re also seeing a pullback to our RSI support where another bounce could occur.
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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.
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