GBPUSD: 1hr short retracement (25 pip) - overall trend is LONG

This is just a 25-30 pip retracement before the overall trend continues higher. GBPUSD

GBPUSD GBPUSD GBPUSD Analysis:

Daily:
1. 14 day downtrend seemed to have ended as price found support around support found around 1.2605.
2. Pinbar formed and closed.
3. Bullish candle now in play.

4HR:
1. Price broke daily downtrend line.

1HR:
1. Price broke below area 1 and pushed back up through the downward trendline and back up above area 1, acted as support and broke above.

Take profit:
50% and 61.8% fib levels

Re-entry (long)
50% and 61.8% fib levels after short move is completed and price action provides a signal.

NOTE:
Indicators follow price, price does not follow indicators. The indicators are to be used to give a visual of what the price is doing.
Indicators are applied to the chart as a final step after technical analysis is complete. GBPUSD