Charlieab94
Long

GBPUSD Cable Long Term Trade

FX:GBPUSD   British Pound / U.S. Dollar
I am looking at the potential for a long term buy & hold on GBPUSD .

There is a nice daily wedge pattern forming with price being supported by a lower bullish trendline and the daily 50EMA.
Multiple daily wick rejections are forming at this current zone and I think we could see a push upwards and break of the upper wedge trendline .

Risky entry = buy now and anticipate the break of the wedge .
Low risk entry = Wait for the wedge trendline to break first.

TP1 = Previous resistance at 1.35
Long term profit target = weekly/monthly resistance at 1.43500
Jan 30
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Comments

TP could be achieved soon :)
+1 Reply
@Auwais, Hopefully :)
Reply
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