GBPUSD CABLE LONG BULLISH
Bullish on the gbpusd for the following reasons:
1: Price broke the year highs set back in February on 11/05/15 so expecting bullish momentum to continue.
2: Trend line held after the FOMC.
3: Price has been making higher highs and higher lows so expecting that trend to continue.
4: Looking for a completion of the ABCD pattern at the -618% Fibonacci extension 1.60500
My stops are placed at the previous kumo resistance 160 pips looking to achieve a profit target of 500 pips just over a 3:1 risk to reward ratio
1: Price broke the year highs set back in February on 11/05/15 so expecting bullish momentum to continue.
2: Trend line held after the FOMC.
3: Price has been making higher highs and higher lows so expecting that trend to continue.
4: Looking for a completion of the ABCD pattern at the -618% Fibonacci extension 1.60500
My stops are placed at the previous kumo resistance 160 pips looking to achieve a profit target of 500 pips just over a 3:1 risk to reward ratio
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.