AMTrader

GBP/USD Bullish Breakout

Long
FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD Bullish Breakout

Price has broken out of the highlighted pennant formation.
This also enables price to continue to challenge and possibly
break the 2 month upper resistance trend line.

I would recommend targeting 1.3933 first, which is the 61.8%
Fibo retracement level. If price is capable of breaching this
level, then proceed to target 1.3998, which is the
AB=CD completion.

Alternatively, if you measure the target objective using
leg AB from where price broke out, you could target Point
C of the Bullish Butterfly pattern, either directly or after price
breaks the 2 month upper resistance trend line.
The take profit level of using this alternative is the
61.8% FIbo retracement from 1.4345 to 1.37117.

Trade 1
Entry: 1.3893
S/L: 1.38407
T/P 1: 1.3933

Trade 2
Entry: Break and close above 1.3933
S/L: 1.38407 (or as desired)
T/P 2: 1.3998
T/P 3: 1.4103


Happy trading
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