GBPUSD : Long with two scenarios, 600 pips profit.
As you can see price recently reached a very strong support area and rejected to current level, that support area is on the 61.8% fibo retracement level and also on the lower line of ascending parallel channel too.
We have 2 scenarios and then definitely price going up to resistance area.
We could see a double bottom or Head and shoulders pattern, in both of them we have to wait for a price to break the neckline above it then we can enter long position or wait for a pullback and then enter position.
So we should monitor price action in H4 and H1 time frames for neckline breakout and confirmations.
Our taargets is around 1.34300, wait for further updates on this pair about proper trading plan.
***We can also enter position if price touched support area once again just because both Risk/Reward and probability are good then.
We can not enter now because we are not sure and also Risk/Reward is not that attractive.
Don’t Forget to like and let me know if you have any questions, comments or observations.
You can also visit my last ideas and follow me for further ideas like this one, thank you.
We have 2 scenarios and then definitely price going up to resistance area.
We could see a double bottom or Head and shoulders pattern, in both of them we have to wait for a price to break the neckline above it then we can enter long position or wait for a pullback and then enter position.
So we should monitor price action in H4 and H1 time frames for neckline breakout and confirmations.
Our taargets is around 1.34300, wait for further updates on this pair about proper trading plan.
***We can also enter position if price touched support area once again just because both Risk/Reward and probability are good then.
We can not enter now because we are not sure and also Risk/Reward is not that attractive.
Don’t Forget to like and let me know if you have any questions, comments or observations.
You can also visit my last ideas and follow me for further ideas like this one, thank you.