Markets are finally moving again. As anticipated that bullish GBP sterling movement has been found. Helping us reach our TP and swing movement across GBPUSD previously mentioned. Seeing the huge bearish movements based off of weekly downtrends. A good retracement upwards will provide us with a nice entry to potentially short back down to a local level.
We have set a pending at spot price area 1.94000. But feel free to grab the order on the fibonacci as well, 1.9400 is more of a psychological level. Furthermore these are the reasons for this pending:
- Round level at 1.94000
- Retracement second leg to continue downwards
- Fib retracement on 38 significant swing high -> low fib
- Pullback to ema's
Wide stop of 50 pips should give it enough room for it to swing downback to the local low on lower time frames.
ECHO