The currency pair GBP/USD forms a Monthly Low at 1.2155 and our STS_ATR_Distance_Indicator shows that since the beginning of the Month we have passed 102% of the Monthly ATR (Average Monthly Movement for the last 6 months). Our STS_RSI_MTF_Indicator shows oversold conditions on the Weekly and Monthly charts with values of 19.7 and 18.6, respectively. The STS_ATR_Distance_Indicator shows a Monthly High at 1.2638.
We expect the bottom at 1.2155 to hold and the price to make an upward movement until the end of the Month with a target - Monthly High at 1.2638.
Based on that, we loaded our STS_Fibonacci_Bot to open long positions upon correction to Fibonacci levels - 50%, 61.8%, 76.4%. If the price reaches 50% Fibonacci, the Robot is set to open a long position with a volume of 0.01. If the price continues and touches 61.8%, the Bot will open a long position with a volume of 0.02. And if it reaches 76.4%, it will open a long position with 0.03. The Stop Loss of all positions will be the Monthly Low at 1.2155 and the target will be the Monthly High of 1.2638. The long position at 76.4% Fibonacci level has the largest volume, because it has the best stop/target ratio (Risk Reward Ratio) - around 1:5, calculated by our STS_Risk_Reward_Ratio_Calculator.
Get your STS_Fibonacci_Bot now: https://smarttradingsoftware.com/en/expert-advisors/prd/sts-fibonacci-bot/
Get your STS_RSI_MTF_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/sts-rsi-mtf-indicator/
Get your STS_ATR_Distance_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/atr-distance-indicator/
Get STS_All_In_One_Calculator now: https://smarttradingsoftware.com/en/calculators/all-in-one-calculator/
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