Facts:
- The pair bounced off the lower limit of 1:1 structure at 1.3518
- Main trend on the pair remains upward from 2nd of September
Recommendation:
Trade: Long GBPUSD at market price
Target: 1.3585, 1.3637
Stop: 1.3490
Opinion:Looking at GBPUSD chart, one can observe that the price bounced off the key technical support marked with the lower limit of 1:1 structure (red rectangles), as well as 100-period moving average from H1 interval. In addition, the price formed a local double bottom pattern on the chart. Should buyers manage to hold the price above the support area near 1.3518, another upward impulse may be about to start. We recommend taking a long position on GBPUSD at market price with two targets: 1.3585 and 1.3637. We recommend placing a stop loss order at 1.3490.
