GBP/USD: possibility of temporary retracement to 1.2200 support line

Rose Alice TheBestForexSignal.com

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:

GBPUSD is in a range bound and the beginning of uptrend is expected.
The price is above the 21-Day WEMA which acts as a dynamic support.
The RSI is at 57.

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Author

Rose Alice

TheBestForexSignal.com

5 years successfully worked for Hedge Fund GFDR as a supervisor. 3 years working as an analyst for Trading company Global Investments. As an analyst based on ABC breakouts, breakouts trend lines, Supply & Demand, customized Elliott Wave.

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