GBPUSD Break and retest was expected around .618 Fibonacci

14 Jan 2021

GBPUSD
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⏳1 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ Negative USD-Positive brexit talks will boost this pair upwards
2️⃣ GBPUSD Has break the downward channel
3️⃣ 1.37000 acting as strong resistance level
4️⃣ 1.37000 Major upper side resistance Key reversal area
5️⃣ 1.36100 acting as key support .618 Fibonacci
6️⃣ 02 nd Sub micro Elliot wave is formed
7️⃣ Technical support - Bull
8️⃣1.37700 will acted as key reversal-bearish
9️⃣ Series of HH HL HH HL patterns
🔟 Possible swing target-1.37700 (1.217 Fibonacci)
#️⃣ Overall bullish trend (Brexit optimism)

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📉 Technical bias-H4-Bullish

Price is above 50,100,200 Exponential moving average
50 Exponential moving average will act as support-Bull
Ichimoku cloud -cloud is still green-Cloud support(Bull)
Bollinger band- Price reached around lower band and short term pullback was expected
Relative strength index - Reached around 40-Medium term bearish correction was expected
MACD -Turned red and fell below the signal line ,oscillators about to cross soon
Stochastic - Reached around 40- Oscillators are pointing upward


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Key reversal area's

1.36000 psychological level
1.37000 January high
1.37500 Key reversal area/psychological level
1.360950 61.8% Fibonacci retracement level
1.35770 50% Fibonacci retracement level
1.35400 series of support level
1.35400 Price action level/Possible entry- Bull
1.37700 1.217 Fibonacci/Alternative bearish entry

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Bullish entry #pound #gbpusd

Entry price - 1.36100

Take profit 01 - 1.37000
Take profit 02 - 1.37700

🚫 Stop lose 1.35830

⬆️ 1.19% Growth expected
⤴️ Account growth 0.19: 1.19
✅ Risk reward ratio 1 : 6.2

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