danielbtrading

GBPUSD - New Highs Incoming!?

Long
FX:GBPUSD   British Pound / U.S. Dollar
The GBP/USD chart has recently been moving in a bullish direction on the daily chart since the lowest low in march of 2020 due to the start of a pandemic. Because of this I looked on the 4 hour chart for a potential pull back to go long and follow the positively correlated channel. I used a diagonal line to show the support since march 2020 with a support line on a march larger scale to show where the breakout started. Then the channel signifies where I'm looking to enter on the 4hr chart, which is around the 1.3 mark. I will wait for potential buy signals on my algorithm or rejection/consolidation before I enter, but the zone marks where my 2:1 reward to risk will occur, ensuring an overall better financial gain.

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