Honestcowboy

GBPUSD Long the Kumo Bounce

Long
Honestcowboy Updated   
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
We got a move straight to the top of the long term cloud and then a big retracement towards the top of the short term cloud. This also coincides with the neckline of the previously formed head and shoulders pattern. Places where multiple supports confluence are usualy very good areas to open a trade. I expect the price to go back up to the top of the orange cloud and put my stop loss right below the right shoulder of head and shoulder formation.
Trade closed: target reached:
Does not seem to be able to go higher so closed position

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