GBP/USD Forex Trading Strategy: Bullish Towards 38% Fibonacci
9:00 AM (EST) Update: GBP/USD Forex Trading Strategy: Bullish Towards 38% Fibonacci
GBP/USD Daily: Remaining above the Ichimoku Cloud, the pair pushing up towards the 38% Fibonacci level
Technical Analysis
GBP/USD pulled below the 38% Fibonacci just to reach the 23% Fibo on the forex dance floor. After forming an indecisive spinning top candle stick chart pattern, the pair kicked off the New York session with a strong bullish candle that could help us reach our target of 1.5590. The RSI is heading up above the neutrality area.
Fundamental Points
The pair’s quote currency,US dollar (AKA Ms. USA) was influenced by better than expected NFP report and UK official bank rate remained unchanged.
Alternative Scenario: If the pair suddenly goes nuts and break below 1.5220 look for a reversal targeting 1.51 and 1.50 in extension.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.50 | 1.5590 | 1.5880 |
| 1.48 | 1.5220 | 1.6185 |
*Important Note: The support and resistance levels are not suitable for all traders and largely depend on your account size, margin and leverage. Book a private lesson to learn how to personalize your account based on our trading guide.
