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GBPUSD Long setup!

GBPUSD Long setup!
GBPUSD has formed a wedge on the Daily and 4H chart. It has 1 month resistance at 1.30. It also hit channel support recently.
https://preview.redd.it/imbsd1aq91s21.png?width=1776&format=png&auto=webp&s=7b4bfd57d0042042dc049ac8302a24cf852bbadc
The trade I'm looking forward to has around 5 risk to reward ratio.Entry is at .786 fib level. The SL is set juts below the latest low at 1.2968. TP is 1.3475. The TP is at channel resistance also at -23.6% fib level.
https://preview.redd.it/hq3nsz9q91s21.png?width=1779&format=png&auto=webp&s=aa2eda16dfd1aae7635e67fc4191337654987cf6

I'm new to Forex. This was my analysis about this pair. Share your opinions on the comment section.
submitted by llebe to Forex [link] [comments]

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