Pre-Breakout Buildup on GBPUSD (LONG)
Updated
---- ANALYSIS ----
... After breaking above Daily S/R line (1.3050) on Jul-14, price retraced to roughly 1.3000
... Since then, Price has tested S/R line repeatedly and formed five (4h) doji candles within the last 24 hours
... Expectation is for possible Bullish breakout above 1.3050 in the 50-80p range
---- ACTION(S) ----
... Waiting for confirmation of breakout at/above 1.3050
... Will then enter market (LONG) with TP: +60 / SL: -30
... May adjust TP if price show willingness to rise further
---- ADDITIONAL NOTES ----
... 1.3050 is also a previous Daily Swing-High (from May-18)
... Be mindful of GBP news affecting price on 7/20 (Retail Sales) and 7/21
Order cancelled
Ugghhh..!!! price went South due to "panic" selling initiated (allegedly) by comments made by UK Trade Minister Liam Fox earlier today...(Source: FXStreet - fxstreet.com/news/gbp-usd-reverses-sharply-to-test-12960-ignores-upbeat-uk-data-201707200951)
Trade is no longer valid for the short term. Looking for price to stabilize and possibly turn Bullish at 1.2500...
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