GBP/USD: possibility of temporary retracement to 1.2200 support line
|BUY GBPUSD @1.2363 SL.1.2293 TP.1.2433
GBPUSD, Buy on H4. H4: - Tendency: Strong upward - Double bottom forming - Break and above support - Pattern: V formation = H4 candle closed above Resistance Zone now. Best Buy entry will be in marked Zone if it will make a pullback. There is a possibility of temporary retracement to suggested support line (1.2200). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
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GBPUSD is in a range bound and the beginning of uptrend is expected.
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The price is above the 21-Day WEMA which acts as a dynamic support.
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The RSI is at 57.
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