wuweitrader
Long

Is the GBPUSD ready for a continuation up?

FX:GBPUSD   British Pound / U.S. Dollar
44 3 3
Price has been holding well against the reaction line. I put in a median line set and am watching for a possible long trade against it. Debating about targets. Fibs are in play as of now (both retracements and extensions), as is the median line if the fork holds.
With the strong move, it seems only rational to collapse risk.
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I waited to see more price action. I am now long, but my trade has targets off of Fib levels and extensions, all depending upon how price plays itself out. Here's what my chart looks like now.
snapshot
I would like to see a bit more confirmation regarding the modified schiff, but if you look back the action/reaction set has been catching the frequency for a while.
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Price has come back down, but without a show of continued strength at this level I am just watching at the sidelines.
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