TradingTechs
Long

Cable bullish outlook

OANDA:GBPUSD   GBP/USD
111 0 6
GBP/USD             broke its downward trendline since Brexit. The fact that there was a big swing failure where price recovered very fast and it held support around the 1.2382 area and bounced off the upward trendline gives us the conviction for an upward movement. First resistance comes in the 1.2793 - 1.2936 area ( rectangle )
Comment: Excellent Risk/Reward opportunity for longs
Comment: Needs to hold these levels. Currently on the trendline
Comment: Broke the Trendline. A close below scraps the idea. Previous swing lows around 1.2360 key
Comment: Closing in on key area. Through those lows and bullish outlook is scrapped
Comment: Lows held for now as buyers defended the key 1.2360 area. Need to get back into the trendline if the move higher is to continue. Lots of shorts accumulated so if we can get back up through highs the move up should be sharp
Comment: We got some closes under the Trendline but support held for now. As long as the 1.2360 area hold we could still see a move higher
Comment: Support still holding this. Previous lows the line in the sand
Trade closed: stop reached: Support broken. A close below and sellers in control
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