GBPUSD - Long
GBPUSD presents a possible long trade in the coming week
Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long
Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart
4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement
Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
Weekly candle close is Bullish engulfing which suggests the long-term nature of price is long
Daily shows price in an uptrend with Fibonacci retracement to the 50% level with price respecting support at this key level
MA crossover to the upside is also impending on the Daily chart
4 Hour chart shows price recently breaking above the CTL to the upside with a strong bullish move - retest could occur and this would be confluent with a previous key level
4 Hour also shows another Fibonacci action with retracement to the 38% area of support before resuming upward move to the 0% level - expect more bullish movement
Price currently sits at 1.5551 and with bullish confirmation I would target 1.5638 in the first instance which is an historical key level and just shy of the -27% of the 4 Hour Fib
If momentum continues then a further target would be towards the -61% level of the 4 Hour Fib at around 1.5738
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