MEX_Exchange
Panjang

GBPUSD Strategic View: Major resistance broken, remain bullish

FX:GBPUSD   Pound British/Dolar U.S.

Buy above 1.3309. Stop loss at 1.3202. Take profit at 1.3522.
Reason for the trading strategy:
Price has finally broken our major descending resistance-turned-support line triggering a strong bullish move from here. We look to buy above major support at 1.3309 ( Fibonacci retracement , horizontal overlap support) for a bounce up to at least 1.3522 resistance ( Fibonacci extension , horizontal swing high resistance).
Stochastic (55,3,1) has also broken through its descending resistance line with a bullish exit, signalling that a rise should be expected from here.
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