FX:GBPUSD   British Pound/U.S. Dollar
56 0 1
GBP/USD             has moved away from the 200 sma and this lies nicely above a well defined support/resistance area.
Price is also moving out of a clear downward channel though this is yet to be confirmed. LONG above the Weekly Pivot and 50 day sma (1.4463) with a STOP under the 200 sma (1.4413) and a target of WR1 at 1.4700 would be a high reward trade. Significant headwinds await any more north by the BULLS so this would be a trade that would need to be carefully watched and STOPS and TARGETS adjusted accordingly.
Comment: I'm in this trade from 1.4441. With a b/e STOP.
Trade active: Ultimate target remains WR1 at 1.4703
Trade closed: stop reached: Price has pulled back sharply and hit my b/e STOP. Waiting now to see if the price can clear and hold above the 200 sma at 1.4440 area.
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