This pair retraced to 61.8 % Fibonacci retrace on yesterday’s move up, which is also role reversal area, so previous resistance on 1h chart.

gbpusd-1h

Yesterday I showed that I’m waiting for some kind of long entry signal at support at 1.5730, but did not get it. We went a bit lower to 1.5700 which is also psychological level and round number.
I entered from 5m chart, when I saw Stochastic’s oversold, 123 pattern and also 5/8 cross of EMA. Looking to bank 50 pips, possible more, will decide later if I will trail my SL up.

gbpusd-5m

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.