Despite some speculation that GBP/USD will crash lower on Monday, from a technical perspective those rumours might turn out to be false; thus, never speculate on rumours.
Price made a very significant bullish reversal Friday afternoon at the 1.3355 level. The reason why this level is significant is due to the fact that it was the close of the candle that broke above the 200SMA precisely one week before. The 200SMA now serves as support and runs alongside the main support line. Note also that the 10, 50 and 100SMA are all above the 200SMA indicating bullish pressure.
Usually I always enter a harmonic pattern when price closes above or below the 10SMA. In this case the 10SMA was near point C, this typically indicates that price will resume a bullish trend.
Trade long (RvR ratio 3:1) Entry: Close above 1.3418 S/L: 1.3380 T/P 1: 1.3473 T/P 2: 1.3532 As always, scale out your profits and adjust your stop/loss to suit your personal risk management profile.
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