GBPUSD Start thinking of buying. Will find support soon.

15 nov

The GBPUSD pair couldn't have given us a better sell signal last time we looked into it (October 09, see chart below) as it broke first below the 1D MA50 (blue trend-line) then the Bullish Megaphone and is very close to our 1.2550 Target:

We are approaching the stage where selling becomes far riskier than buying as the pair is approaching the 0.786 Fibonacci retracement level, which on the September - October 2023 fractal (that has been the basis of our previous sell strategy), formed the bottom and initiated a Channel Up to the (orange) 0.618 Fib.

Even the 1D MACD indicates that we are probably a few days before this bottom is formed and will be confirmed with a Bullish Cross.

As a result, we are prepared to take this long and target 1.3100 (the 0.618 Fib).

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