Tracking GBPUSD Daily trade on 4 hourly chart
Using the 4 hourly GBPUSD chart to track the daily trade. Some trend lines have shifted due to the smaller time frame used. The targets here will supersede the daily chart ones projected.
Comment:
Pound trade still alive and bouncing nicely from the purple trend line drawn. A move higher will be assured if it breaks out of purple trendline resistance.
Comment:
Broke out of purple trendline. Adding to longs. Stop at 1.2520. Target of 1.2650 - 1.2680. Take some profit here makes good sense.
Comment:
Low of 1.2542 meant that support held up well. Look for GBPUSD to hit target of 1.2650 - 1.2680.
Comment:
Lower end of target reached. It is also the trend line resistance in red. Closed 50% of position.
Comment:
Next target 1.2705 - 1.2711 or so and bound by trend line resistance in blue. This is in play as long as GBPUSD trades above 1.2640 and supported by trend line in red.
Comment:
GBPUSD will hit target of 1.2706 or so. Will close another 25% of the trade based on 4 hourly chart price action. Will have remaining 25% shooting for 1.29++ being target based on daily chart. Stop loss set at 1.2640 which is just underneath the red trend line support.
Comment:
Target hit and took out the stop. Trade closed for now. Fresh longs on 1.2543 holding. It's been tested and if it holds, another opportunity to go long exists.
Comment:
Gbpusd now testing purple trend line support. A successful test will see prices moving towards 1.2543.
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Awaiting a second successful test of 1.2455 before going long. Target range 1.2543 - 1.2555.
Comment:
Long GBPUSD. Stop 1.2420. Target 1.2543, Target 2 1.2587.
Comment:
Almost hit target 1. Price action suggests this will happen today. Closing 25% if target 1 is hit.
Comment:
Target 1 hit. Target 2 revised to 1.26.
