British Pound Long Inside the Channel to Previous Highs

This is a what I call a common sense trade, meaning that your just dealing with the notion that the GBP/USD should go up to at least 1.58 or its previous high. Thats about 300 pips or points and with a tight stop right outside the channel its a good in terms of money management. Since its on the Daily chart you could consider this a long term trade but really This will probably hit within the next week or so. We're also not dealing with the Euro and all the different news events coming out. The GBP/USD is usually always cyclical and technically sound.
Daniel Alhanti
President, Head Trader
The Foreign Exchange Trading Academy, LLC
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