Hello, traders. I am bringing you the last trade idea I will post for a few months. A medical emergency has resulted in me having to take some time off. I will hopefully be back before the end of summer if all works out well. I wish you all good luck and good trading. Anyways, now for the trade.
I am seeing a possible long trade being formed in the gbpusd pair. We are currently at a well respected support and resistance level as well as the 382 retracement. This level has been on my watch list for sometime now and I am thinking we could see an advancement of the Pound. My rationale is many things, but most importantly the trendline we have just recently broken and the trendline that is not too far away. If we see a break of the horizontal line, it would give speculators more incentive to push the pair past the upper trendline. Also, as we have seen with the current new releases from the fed and the U.S, the dollar is looking quite weak. Commodities are up due to the greenbacks setback and it gives me all the more reason to take this trade. If I could, I would be going long once we see the pound push through the current support level and would set stops around 1.44 and targets at from 1.50 to 1.55.
Good luck, happy trading, and farewell friends.
I am seeing a possible long trade being formed in the gbpusd pair. We are currently at a well respected support and resistance level as well as the 382 retracement. This level has been on my watch list for sometime now and I am thinking we could see an advancement of the Pound. My rationale is many things, but most importantly the trendline we have just recently broken and the trendline that is not too far away. If we see a break of the horizontal line, it would give speculators more incentive to push the pair past the upper trendline. Also, as we have seen with the current new releases from the fed and the U.S, the dollar is looking quite weak. Commodities are up due to the greenbacks setback and it gives me all the more reason to take this trade. If I could, I would be going long once we see the pound push through the current support level and would set stops around 1.44 and targets at from 1.50 to 1.55.
Good luck, happy trading, and farewell friends.