Many things I like to see here on the Daily chart of Pound Dollar.
#1. Long downtrend since July of last year at Key support levels.
#2. Last three major impulse legs down have been equal distance moves.
#3. Having 2 major resistance levels that must be overcome to
continue trend will be very difficult.
#4. RSI is at the low of the recent range of movement indicating oversold.
Add all this up and with a Risk to Reward Ratio @ 3:1 - It's a no-brainer.
Good Luck!
#1. Long downtrend since July of last year at Key support levels.
#2. Last three major impulse legs down have been equal distance moves.
#3. Having 2 major resistance levels that must be overcome to
continue trend will be very difficult.
#4. RSI is at the low of the recent range of movement indicating oversold.
Add all this up and with a Risk to Reward Ratio @ 3:1 - It's a no-brainer.
Good Luck!
