GBPUSD - I like the long side for GBPUSD for months. It's a great trade that has had great momentum, I stuck to my trade plan, being disciplined is key and built long positions along the way - I am now scaling out of my positions!
On my FX weekly I posted out to various groups I am part of - It's FREE to subscribe. It's explaining the FX majors for the week ahead, if you're interested - Message privately.
I stated GBP above 1.37 you'll get 1.38 coming into play as well as perhaps 1. 40 areas...However, for those who have been trying to fade GBP for while, You may just get your chance...Let me explain further!
Pattern: Channel - At resistance
Fib Retracement - Fade Area
Support: 1.37830, 1.37580, 1.37370
Resistance: 1.38250, 1.38550, 1.38600, 1.38860
1. US CPI
2. BOE Gov Bailey Speaks
3. Fed Chair Powell Speak
How could you play this trade:
- Following your own trade plan to add further confluence
- You could wait for candle formation, candle close, or perhaps an indicator that is on your trade plan
- Add orders at certain areas
Have a great day ahead,
(Disclaimer: Just a trade idea, not a recommendation)