GBP/USD Intraday Long entry

FX:GBPUSD   British Pound / U.S. Dollar
Cable broke from the previous range this morning with a move above 1,6610 marked level, after disapointing manufacturing PMI data it droped back and tested that level from above. If that breakout is valid then we should follow up now towards 1,666 ressistance level. Keep in mind that manufacturing PMI's aren't influecning Pound so much beacouse of how brisitsh economy is constructed around services. Also the mortages data was good and shood boost Cable a little bit.
There's day off in USA and Canada today so eavning session might be low volume and an spike like on Friday can happen on Cable easily.
Regardless of the outcome, i think this trade followed a fine trading approach, thanks
+2 Reply
tomasz.goljan Technician
Really appreciate that kind of coment from You mate, thanks
Why the target is based at 1,6656 level ?
tomasz.goljan AlanWillson
That's based on August 14th low, that level might attract some sellers. But the market should remain slow as there's no trading in USA today so that idea might be still valid tomorrow.
Entered long @ the same level - (must change SR lvls on that chart soon ;)
look's like bears loosing strength and bulls taking initiative ;) Let's see what happens. At 1.6635 there's a $381mln option expiry at 16:00CEST, so I'm expecting price to fight for that level during expiry time.
Ye, if 1,6610 hold then we should get some movement ;) 1,67 might be in sight sooner then later
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