AMTrader
Long

GBP/USD Bullish Deep Crab Pattern

FX:GBPUSD   British Pound / U.S. Dollar
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A risky, but potentially lucrative long opportunity for
GBP/USD with the help of a bullish Deep Crab Pattern.

Obviously at this stage with all the uncertainties surrounding
the Brexit negotiations, it is rather risky to trade any pair
with GBP. However, GBP/USD has reached extremely
oversold territory on nearly all the time frames, especially
the daily time frame, thus, long opportunities on smaller
time frames seem to have quite some potential as previous
rallies have shown.

Key for this bullish Deep Crab Pattern to remain valid is
for price not to close below the indicated support zone ,
i.e. 1.3095. Although point D of the pattern is well below
it, psychologically the support zone has a lot of significance,
hence, a key level to keep an eye on.

Trade long ( RvR ratio 1.77 alternatively 3.63)
Entry: Close above 1.3144
S/L: 1.3060
S/L Alternate: 1.3103
T/P 1: 1.3217
T/P 2: 1.3269
T/P 3: 1.3293
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.

Happy trading
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