GBPUSD M15 ChartGBPUSDM15 20160929.png

Technical Analysis: The price has entered the support zone at and reaches the bottom of the minor trend channel.

The price is also expected to retrace make to the key resistance level at 1.3090 before resume depreciation and eventually reaches the major support 1.2869.

Market Sentiment: Both pound and dollar are quite neutral, or maybe dollar is slightly bearish. There is no clear fundamental that will move either currency in any direction yet but seems like GBPUSD will gain further as it recently broke above a resistance zone and is most likely to give key resistance level 1.3090 a test.

Trading Decision: Entered half risk as soon as price enters buying zone and touches the bottom of the minor rising trend channel.

Stop loss set 1 minor retracement plus 20 pips away.

Entered another half risk as price started to rebound off from the bottom of the buying zone.

Full exit when the price got resisted and started to fall at resistance level 1.3026.

Was intending to use the profit taken to stack on with another half risk for another long but price came crashing down and has broken below the entire minor support zone and the minor rising trend channel.