scalony

Is GBPUSD going to beak out of channel?

Short
FX:GBPUSD   British Pound / U.S. Dollar
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Recently Pound is showing strength and it will probably break through 1.5933 resistance. But the next resistance 1.5960 is also top of a down sloping channel. And in my opinion there is not enough steam in pound to break through this one. So I am going to short pound from 1.5960 and expect it to go back to downsloping median line . Profit target 1.58320

However noting is sure in trading so it is also possible that pound will grind through resistance 1.5960. In this scenario I will enter long with profit target set to next resistance 1.6

Comments

After I closed short position I really should apply counterthesis and go long but I did not damn it would be such a nice and quick profit.
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I closed this trade now at 1.5969 with -15 pips loss. Initially it was going down but eventually it went up. EURUSD is climbing and Cable followed.
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I have just opened short trade at 1.5954 with SL at 1.6008 (54 pips away)

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