Prabhu.Ram

Another wedge and another reversal!

Long
FX:GBPUSD   British Pound / U.S. Dollar
1
Hello traders,
With our EUR/USD and EUR/CAD ideas underway and going without any threat, I am not looking at another promising opportunity with the GBP/USD .
There is a common feeling that probably the USD has topped out and all pairs are looking at a retracement across the board. To support our position here, its again a wedge pattern. Quite similar to the EUR/USD . And again, to support our claim of target, the target of the wedge pattern is coinciding with the 50% fib retracement target.
As I had mentioned in my earlier posts, when there are more than one reason for a target, it gains more prominence and momentum.
So, my suggestion
BUY @ current market price
S/L @ 1.5527 ( we should move it to 1.5610 after some move upwards)
T/P @ 1.6350
I think it is a good ratio to trade!
Happy trading and happy pippin!
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