JLJ002500

GBPUSD - Potential Long Entry IF...

FX:GBPUSD   British Pound/U.S. Dollar
44 0 3
1M
snapshot
Strong support formed at 1.279 - 1.278 area. Upcoming resistance.

1W:
snapshot
Both 1M and 1W indicated GBPUSD             reached very oversold levels due to Brexit.

Bottom Line: Strong support formed. Currently consolidating.

Price action on 1D is fairly bullish at the moment. In a consolidation pattern. The R/R is not favorable for a long entry at current level. That is enough to keep me on the side lines until R/R changes. (See 4H below) 7/28 was really the ideal time to go long.

Some possible set ups:
- A strong resistance break & close above ~1.35 - 1.36, could potentially create a long opportunity following a slight pullback.
- A rejection of 1.35 resistance could create an intra day short (using 1H & 4H charts) if it was well timed.
- And my preference would be GBPUSD             stays below 1.3357 until it retest TL support (or yellow box on chart). A reversal candle on 1H/4H would create a long entry.


4H
snapshot
A pullback to yellow zone would create a more favorable R/R set up.
Trade active:
snapshot


Long @ 1.32160. It's a small position, but I am also short EURGBP adding to my overall long GBP exposure. As a result, I don't have any flexibility to add to position. Even if I had the flexibility, I wouldn't at this time until there was more compelling reasons to do so.

The trade looks ugly right now, but still has time to turn in my favor.
Trade closed: stop reached: Stopped reached

KEEPING SCORE: Loss

Last week was a tough week. First losing week in some time. Bound to happen.
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out