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Trading_Vista
Jan 9, 2021 1:03 AM

GBPUSD - Expecting bullish continuation 11 Jan 2021 Long

British Pound/U.S. DollarFXCM

Description

The daily chart above shows how this pair has been grinding its way to the up side within a channel structure since end Mar 2020. After 02 Nov, it has not come even close to the channel bottom and a much tighter inner channel has formed. The resistance at 1.3500 has been overcome, so I zoomed in on H1 chart (see below) to take a closer look.

A short term support has formed (blue box) and price has bounced above it for the entire previous week. I see no reason to change my bullish bias and can see a final target at 1.4350. However, for the coming week, I am looking to target 1.3660 with stop below the lowest low of last week. This trade, if it works out would yield 4.4R.

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As always, please use sound money and risk management in all your trades.
Comments
Dave-FX-Hunter
You know what you doing. I agree on this one
Trading_Vista
@DaweFXHunter, thank you, I appreciate your comment.
TheSignalyst
Thank you Vista, i like your chart ;)
Trading_Vista
@TheSignalyst, thanks very much.
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