Since the low of 1.5357, GBP/USD has been moving sideways building a nice base. It recently made a bounce off the 88.6 Fibonacci level: the price moved from Point 1 to Point 2, and then retraced 88.6% to Point 3 before starting to move up again.
The recent consolidation as seen on the 15 minute chart provided a good opportunity to get into a long position. Point 2, 1.5475 is a potential profit target.
Always trade with a stop, and trade when the risk/reward ratio is in your favour.
H. Hamid
