Trader_Troy
Long

Cable heading back above 1.3000, long trade for 140 pips

FX:GBPUSD   British Pound / U.S. Dollar
GBP has been on a bullish tear since UK PM May announced the snap election. Prices have broken key monthly resistance and has now made a Fibonacci play after pulling back to the 61.8 retracement, which is confluent with my area of interest. It has also broken this counter trendline and formed a 2hr tweezer bottom formation on a retest of the trendline/ 38.2 fib. I see prices breaking above the 1.3000 psychological level (first target) to hit the next resistance at 1.3060 (second target), which aligns with the 27.8 fib extension. This trade has a risk:reward of just over 1:3.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out