Zak_The_Mac

GBPUSD - Bullish Price Action, Buy Opportunity

Long
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD is developing a bullish flag on the 1H and 4H timeframes.

With EURUSD going up to retest previous months high after touching monthly support last week, GBPUSD is highly likely to go up.

The fundamentals also support a GBP bullish bias with recent hawkish tones coming from the BoE.

Price target of 1. 40 area is realistic for GBPUSD .



Tactical tempo trader - heavy compounder - 5-20% returns per day.

Comments

If the retracement becomes deeper than 50%, it may not be a flag pattern. Ideally, the retracement ends at less than 38% of the original trend.
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