On weekly chart we see how price return down and touched 23.6% fibo retracement (aprox 1.5185) and rebound from that level up.
On daily the price has formed bulish engulging from 50% fibo retracement. So we have a clear signal for long entry with stop loss below engulfing candlestick and take profit at 1.5940 (61.8 fibo extension of AB/CD pattern on daily chart).
For those who trade on long term, I think it is a setup with great potential (600 pips.)
I think I will take long position on GBP/USD after a small retracement down on intraday chart(4 h).
Goog luck to all!
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