Finally, a decent long opportunity for GBP/USD. A bullish Crab Pattern has emerged, however, there is still a chance of price dipping lower once more, especially with all the upcoming news as well as tomorrow's BoE interest rate decision.
Nonetheless, technically at least a long opportunity is available, note also the bullish divergence on the MACD, which additionally supplies bullish momentum.
Trade long 1 (RvR ratio 3.51) Entry: Close above .1.3191 and/ or above 10SMA (if price holds above the 10SMA until the next 4 hour candle then this pattern would be very safe to enter) S/L: 1.3118 T/P 1: 1.3262 T/P 2: 1.3297 T/P 3: 1.3333 T/P 4: 1.3383 T/P 5: 1.3447
Trade long 2(RvR ratio 2:1) Entry: Close above 1.3447 S/L: 1.3355 T/P 6: 1.3473 T/P 7: 1.3473 As always, scale out your profits and adjust your stop/loss to suit your personal risk management profile.
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