GBPUSD had a massive sell-off after PM Theresa May's speech. Pound fell for 200 pips and reached 38.2% retracement which coincides as a broken resistance, now acting as support.
Also, a arising wedge is also broken.
My view on GBPUSD at the moment is neutral although slightly bullish. We need to see if price will break through the resistance turned support at around 1.3040-50 or if it will retest the broken rising wedge at around 1.3140.
If price doesn't break support at 1.3040, look to buy and target 1.3140 as TP 1, and 1.3270 as TP2.
Stops must be placed around 1.2980 to give trade some room to breathe.
Feel free to share your charts in the comments!
EURUSD and GBPAUD ideas are also posted.
Also, a arising wedge is also broken.
My view on GBPUSD at the moment is neutral although slightly bullish. We need to see if price will break through the resistance turned support at around 1.3040-50 or if it will retest the broken rising wedge at around 1.3140.
If price doesn't break support at 1.3040, look to buy and target 1.3140 as TP 1, and 1.3270 as TP2.
Stops must be placed around 1.2980 to give trade some room to breathe.
Feel free to share your charts in the comments!
EURUSD and GBPAUD ideas are also posted.
Comment:
Comment:
Trade running 50 pips, move stop loss to breakeven and wait for the trade to hit TP1!
Comment:
Bounced perfectly from our support zone!
Comment:
TP 1 HIT!
Trade closed manually:
100 pips closed in profit. Close all positions now as GBP unpredictable with all the Brexit news development.
If you want to hold, move SL in profit and let it run.
If you want to hold, move SL in profit and let it run.
