GBP/USD long

22 ביוני 2020

A quick long position on a retest for GBPUSD. As price broke a critical support zone, bears continue to gather strength pushing prices down. A Head and Shoulder structure can be identified showing a continued pushdown in price. A Fibonacci retracement from a critical high 1.2800, low 1.2100 shows price entering a consolidation zone for a break out to either side. Price should touch either side boundary of this zone defined by both 50 % and 61.80% levels of the Fibonacci retracement as it retest against trendlines.

A long position with target profit 1.2430 and stop loss 1.2340.