British Pound / U.S. DollarUpdated GBP/USD Long/Short Scenarios
This are the scenarios I will be following in the incoming 2-4 of weeks.
GU has touched the 1.2500 support level for the second time in the last 30 days.
1.2500 it's an important level for the pair, as if it breaks down the next target level is the 8 months old 1.2300 level which is also the 100% retracement from the previous HL/HH.
Scenario 1 Long:
I will be looking to buy at successful break of 1.2800 and EMA100 + Candle patterns and a catalyst to confirm the move.
I will be targeting 1.3000 and 1.3300
Stop loss around 1.2750
Scenario 2 Short:
For the short scenario I will wait to see the price coming back and re-test the 1.2500 level before I look for an entry.
Take profit 1 will be at 1.2300, Take profit 2 (14 months old low) 1.2000
And Stop Loss just above 1.2500
I will also use the same targets and levels for Day Trading
I hope you find this information useful and feedback is welcome.
Merry Christmas and Happy New Year
GU has touched the 1.2500 support level for the second time in the last 30 days.
1.2500 it's an important level for the pair, as if it breaks down the next target level is the 8 months old 1.2300 level which is also the 100% retracement from the previous HL/HH.
Scenario 1 Long:
I will be looking to buy at successful break of 1.2800 and EMA100 + Candle patterns and a catalyst to confirm the move.
I will be targeting 1.3000 and 1.3300
Stop loss around 1.2750
Scenario 2 Short:
For the short scenario I will wait to see the price coming back and re-test the 1.2500 level before I look for an entry.
Take profit 1 will be at 1.2300, Take profit 2 (14 months old low) 1.2000
And Stop Loss just above 1.2500
I will also use the same targets and levels for Day Trading
I hope you find this information useful and feedback is welcome.
Merry Christmas and Happy New Year
Trade active
Scenario 2 in my view is ready for an entry with stop loss above 1.25800Note
Target 1 Hit Trade closed: target reached
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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.
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.