Jamal92

Opportunity for a buy on GBP/USD (Long Term)

Long
FX:GBPUSD   British Pound / U.S. Dollar
It had been bearish for more then a week and I witnessed a short term resistance trend line (Orange) forming since yesterday and if it breaks through that expect a rally on the upside and maybe hit last weeks high in the long term.

Text in green is my take profit area.
Comment: It has developed a consolidation pattern but dropped right after nearing around the support line I set up (Pink). Hopefully that line will be respected and not breakthrough it in the mean time.
Trade active: My position has activated and will hold this position for the long term.
Trade closed: target reached: Due to the recent spike which could be related to the fact that Barack obama has given out sanction to Russia. I will close this position and wait for the market to hit around the 1.22000 levels again before I can jump in again.

The uncertainty with the situation in the UK (Brexit) will still be a factor to the pound being bearish.