GBPUSD Long - Market Monday EP1

Trade (1)

Entry Type : Market Buy @ 1.25000 upon seeing candlestick confirmation
Stop Loss : 1.23500 (150pips)
Take Profit : 1.32500 (750pips)
R/R : 5
R/R % : .5% / 2.5%


Technical Analysis:

Price Action has double topped under our 1.30 psychological level. Price is now enduring a bearish correction down to the 1.25 psychological support which coincides with our 61.8 fib level where we can look to execute long positions. My stop loss is placed slightly under the 1.23750 key level and my take profit level is placed slightly above the -27.2 Fibonacci extension at 1.32500.