Hi Traders,
Cable has entered the week 20/07 with some noticeable strength and should not be ignored. Here we have a buy opportunity on the GBP/USD to potentially the 1.28 handle before I begin looking for signs of a reversal. This week the cable will be faced with some PMI and other economic data figures along with the ongoing Brexit negotiations. Reports suggest the pound is 3 times more likely to react 'dramatically' than the other majors so this is an opportunity to ride a potential move higher in sterling.
From a technical analysis perspective, I am looking at a bullish flag in development, price has currently just broken above the 200-day MA further indicating sterling strength and my immediate target is the 1.28 level.
ENTRY: Use the 15 minute timeframe for entry analysis! It is unlikely to find another 1hr or 4hr correction (if above analysis is correct) at the current structure so use the 15 min timeframe to pick out an entry and use stop losses accordingly! 👍🏽
Follow for more updates. Any questions, feel free to ask.
Ike
Cable has entered the week 20/07 with some noticeable strength and should not be ignored. Here we have a buy opportunity on the GBP/USD to potentially the 1.28 handle before I begin looking for signs of a reversal. This week the cable will be faced with some PMI and other economic data figures along with the ongoing Brexit negotiations. Reports suggest the pound is 3 times more likely to react 'dramatically' than the other majors so this is an opportunity to ride a potential move higher in sterling.
From a technical analysis perspective, I am looking at a bullish flag in development, price has currently just broken above the 200-day MA further indicating sterling strength and my immediate target is the 1.28 level.
ENTRY: Use the 15 minute timeframe for entry analysis! It is unlikely to find another 1hr or 4hr correction (if above analysis is correct) at the current structure so use the 15 min timeframe to pick out an entry and use stop losses accordingly! 👍🏽
Follow for more updates. Any questions, feel free to ask.
Ike
Trade closed: target reached:
Closed for £1,100 profit.
