Jhol01

UPDATE: Previous post part of a much BIGGER MOVE

Long
FX:GBPUSD   British Pound / U.S. Dollar
Earlier i did an analysis on a new trading strategy i wanted to try out.

The previous post was for a short term sell opportunity, that i now believe is a part of a much larger bull trend.

This doesnt mean i was wrong earlier. I believe there could be an opportunity to take advantage of the period of consolidation where the market trades within this triangle pattern . We can see that there has been a retracement in the initial bull trend to the 50% fib level

Once the market breaks out of the 1.373 level we could see a continuation of the bull trend.

I AM NOT AN EXPERT TRADE AT YOUR OWN RISK.
Trade closed manually

Comments

Agreed!

I have 1.373 as 78.6% Fib line from the previous downtrend.

Price just bounced off that line but if it breaks it I'm expecting the uptrend to continue to the next strong resistance which is 1.4380.
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