On board with GBP/USD
Updated
Trading Plan:
Long, entry: 1.26-1.30, TP1: 1.3220, TP2: 1.3600, TP3: 1.4000. SL: 1.2590
Long, entry: 1.26-1.30, TP1: 1.3220, TP2: 1.3600, TP3: 1.4000. SL: 1.2590
Note
A new route is being taken by the pair onto the daily chart. The PA made a double bottom into the 1.26 area and developed a bullish harmonic pattern lookalike. It is fair to believe that it might be headed towards the 1.40 area again. That might be, however, a long journey. After making a breakout from the downtrend channel on the 10th of September, it almost ended getting back up inside at the end of October. The price was, nevertheless, pushed back upon the touch of what used to be the upper limit of the daily downtrend channel which signaled the start of a new trend.
The major resistance might be in the 1.36 area which was a key support on the monthly chart and also the area where the upper limit of the monthly downtrend channel is headed to. I believe the price will reach the area sometime in February or March 2019.
Trade active
The price moves as planned. It moved out of the channel on the 6th of November but returned shortly after.Trade active
Now might be a good time to hit the buy button. Entry: 1.2775 - 1.2855Trade closed: stop reached
SL for long-term order hit.
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