GBP/USD 1HR Bullish Counter Trendline / Fib Retracement Entry
I have been doing some analysis on the GBP/USD pair which we can see since last week we have seen a clear reversal of the market to the upside which is presenting some nice fibonnaci retracement entries. I have drawn in a counter trendline which has been created from the retracement of the latest bullish pullup. I do believe there is still room for this pair to go further to the upside. We can see price has reacted to the 50% retracement level which suggests that suggests price could move fast if the counter trendline is broken. I do believe because this pair is moving aggressively to the upside I would only wait for a clear break of the counter trendline before entering not for a pullback. Always wait for the market to present its hand so be patient.
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