Another wedge and another reversal!

FX:GBPUSD   British Pound/U.S. Dollar
197 0 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!
Ideas Scripts Chart
United States
United Kingdom
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