FXBen
Long

GBP/USD LONG SETUP

FX:GBPUSD   Pound Sterling/U.S. Dollar
CABLE HAS BEEN BULLISH FOR A LITTLE WHILE NOW. THE RECENT PULLBACK BRINGS PRICE BACK TO RETEST SUPPORT AND A THIRD TRENDLINE BOUNCE. WE ALSO HAVE A FIB PLAY HERE AT A 50% RETRACEMENT .

TO TRIGGER THE LONGS WE WANT A BREAK OF THE CTL AND WE WILL THEN BE TARGETTING BACK AT THE HIGHS BEFORE SEARCHING FOR A HIGHER HIGH AT KEY RESISTANCE, CONFLUENT WITH FIB EXTENSIONS.

TARGET 1 = 1.5920
TARGET 2 = 1.6140
What do you reckon?
Reply
well after todays movement i am thinking short. i never got in the long as i would have wanted a CTL break to confirm the bounce which obviously didn't happen. i will stay out for now and wait to see what happens after tomorrows fed minutes. i made 150 pips from a gold short which i posted analysis on here for a few days ago. closed a touch above target as i was happy to bank some pips before tomorrows fed news. i am based in london, you?
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pezq FXBen
Near Brighton. I am long from 1.5420 at the moment but had shorted down to that level so quite happy with that for this week! Regards and good to meet you.
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I think we are looking at 1.5420 for a market reversal. I do agree that we are looking at much higher prices soon....
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WHY 1.5420?
Reply
pezq FXBen
I am in Nice on a little beach trip at the moment and am just going out for a Japanese meal but will send my full explanation to you on my return. Regards
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pezq FXBen
Here is my picture as promised. I never use indicators and only work on price action and Fibonacci levels. The price action for Cable has not reversed yet as you can see. It was a great meal by the way and the temperature here is 36 degrees C. Where are you based?
snapshot
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