theforexportal
Long

Potential LONG GBP/USD forming

FX:GBPUSD   British Pound/U.S. Dollar
49 0 0
9 months ago
Tonights eod             close will be interesting to see if we can finish the day with an inside bar doji that may indicate the GBP/USD             BEARS have had enough and are struggling to push the price further south. There are a number of factors involved:
GBP/USD             sits in a wide area of historical support.
The daily RSI is just easing up from near oversold condition
Price is right on S1 Daily Pivot
H4 RSI has just moved out from os
The GBP is slightly firmer across the board
If we move above the 200 sma on M15 (1.3975) we maybe seeing the start of a significant retrace though any moves north will be most likely capped at 1.42 area where we are likely to see a BEARISH resumption.
I'm already in this market from 1.3935 with a flexible STOP at 1.3914 for a 21 pip risk.
9 months ago
Trade active: LONG from 1.3935.
STOP 1.3914
Target 1.42 area (200 sma on H1)
9 months ago
Trade active: STOP moved to 1.3925 for -9
9 months ago
Trade active: Looks as if the BULLS have had enough of being beaten up b y the BEARS and have gone on the attack.

I've moved my STOP to 1.3942 for +8.
9 months ago
Trade active: GBP pulling back from 1.3996 high so I'm moving my STOP back to 1.3925 for -9.

MS1 Pivot and today's open will hopefully act as support for another push by the BULLS.
9 months ago
Trade closed: stop reached: STOPPED at 1.3925 for -9.

I've reloaded this trade from 1.3948 as I believe we are headed higher.

New STOP is 1.3953 for +5.
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