Trade update: Sterling long again !

turning out to be a not so good European session for me.

After the first 20-pip profit profit…i have had my two stops blown away in GBP/USD trade.

But I entered a long GU trade again. Trade: Long GU 1.3947 Target 1.3973-1.3990 will place just 20 pip stop.

My rationale for buying on dips is

  • Its oversold on 4-hour chart
  • And it currently sits above 1.3924, which is a key fibo expansion levels.

Unless it breaks below 1.3924, I would try to go long on dips.

Here is the 15-min chart

GBPUSD m15 (02-26-2016 1704)

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