GBPUSD Technical Analysis by TuxedoFX

[TuxedoFX]

Here's the setup that I saw in GBPUSD right now. We can clearly see that it's rejecting the FR50 and is about to continue its journey back to FR100. I am setting my SL 20 pips below today's low. TAYOR.

 

[Enivid]

Looks like your SL triggered. Didn't it?

 

[TuxedoFX]

Yes it did. I had another position triggered when the price hit FR23. My SL is 20 pips below the previous week's low. Myfirst TP is on previous week's high on FR100 and my second TP is set on the FR161 area, giving us a good 1.0:4.5 risk reward ratio.

TAYOR

 

[TuxedoFX]

It seems that GBP/USD has bounced from FR23 of H4 candle. IMHO, the pair might retest FR50 before hitting my first TP on FR100.