GBP/USD long trade based on momentum from EMA / FIB lines / candle pattern explained. Reasons for trade:
- Strong Bullish engulfing candle close on the 4H, which closed below previous resistance.
- Price failed to push lower on the 4H time frame, and close below 1.4560.
- Price action found support off the 23.6 & 200 moving average on the 4H.
- Large belt holding candle on the 1H which confirms momentum.
- The daily chart found support off the 89, together with price action placing a higher low - clearly indicating an upward movement.
Any questions please ask.
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