GBPUSD broke out of descending trendline resistance (now support) and is testing 1st support at 1.37766. Above which a short term bounce towards graphical overlap resistance at 1st resistance 1.38439 could be possible. Stochastic is testing support where price bounced in the past as well.
Trading Recommendation
Entry: 1.37766
Reason for Entry:
76.4% Fibonacci retracement, descending trendline support
Take Profit: 1.38439
Reason for Take Profit:
61.8% Fibonacci retracement, Overlap resistance
Stop Loss: 1.37319
Reason for Stop Loss:
Graphical swing low support.
