informedtrades
Long

GBPUSD Set Up Allowing a Tight Stop on the Daily + 4 Hour Charts

FX:GBPUSD   British Pound / U.S. Dollar
I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart illustrate the bigger idea of buying at support/50 SMA in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY             and GBPAUD             -- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25, may constitute a bullish checkmate, and thus have a relatively tight stop of 40 pips. My target profit is 180 pips away, which gives me a reward/risk of 4.5.

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