After breaking the trendline last week, GBPUSD made it's way down to the 1.37290 level which is actually a strong support level as seen in the past. Once the markets open I expect this pair to retrace back to the golden pocket area which is between the 0.618 and 0.65 fib levels at 1.38399 and 1.38460. This might also be a second attempt to break back into the trendline and we will have to see if it rejects or not. From there, we'll have a clearer view on the direction this pair will go in.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.