Possible long for GBPUSD. A lot has gone into this one. Ill start off with the inverse head & shoulders, marked out with the fat green arrows, we can see that this has occurred and could indicate a long bias. We can see that the upper trend line has been touched at least 3 times therefore validating this trade and we can also see that the time in between each touch of the trend line has shortened which indicates that a break of the upper trend line could occur. Another reason for this trade is that both the 200 and 50 EMA are going ever so slightly beneath the price and this indicates a long bias and we could potentially catch a big move. Stop loss has been set at around 70 pips with a take profit of over 510 pips. Big move. Keep an eye out as I will be giving updates on this trade.
GBPUSD
GBPUSD
Comment:
** STOP LOSS UPDATED TO 1.30501 **
Comment:
^52 pip stop loss with 514 pip take profit
Comment:
Tried to delete as I had the pattern the wrong way round. Inverse head and shoulders means sell not buy. My mistake.