GBPUSD has fallen to Brexit low after the turbulent market conditions of the present have forced it below its major resistance. It has however stayed in its trending channel and after candlestick confirmation off of the bottom of its trend line we can expect to see the pair at 1.3 by the end of the week. Enter a long position now and the risk to reward ratio is more than proper as a close below 1.265 will mean the buy is invalid.
Trade active:
Great Bullish momentum. After watching the London Cross last night it was easy to see the major banks put in some large orders corresponding with our idea. Lets move Stop loss to break entry and let the trade run until 1.295 area.
Comment:
Expecting a bit more bullish momentum in this pair however, we should now place trailing stops in order to collect on our gains, or take profit on half of our positions in the pair.
Trade closed: target reached:
Closing a bit under our Tp due to resistance at 1.29 and inflation reports in this weeks news mean that the Pound will come under some heavy resistance over the coming week. 127 pip gain from a very clean entry.