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Cablelong

GBPUSD - Possible long entries after the Breakout.GBPUSD had a breakout of the range it was in to the upside. Looking to buy pullback. -First possible aggressive (more risky) entry at 1.455 -Second possible entry at the bottom of the pitchfork channel in the range of the Fib between 1.448 and 1.452 As long as we kinda stay in the pitchfork formation we are good for longs. Targets to watch if we break to the upside again 1.479 and 1.49 If the USDOLLAR fails at this point the cable could get some fresh bullish air. Also very important: event Risk for the upcoming day. BoE rate decision + some data on GB. So don't jump into a trade blindly! If the BoE is really dovish / bad inflation data we could give back everything pretty fast.
Long
by TReano
Cable is bullish until 1.5090 holds.Awating for the US data, GBP is moving between 0.382 and 0.618 levels of this huge downtrend pitchfork. Below this level, the 1.50900 major support area (May 04/05) might be considered as a good target if the US data is better than expected. If the data will be much higher than the expected, 1.272 fibo level (1.49857) should be the next target (where lower level of the pitchwork intercepts with 1.272 fibo). Keep in mind that below this level 1.4740/50 is the next and only support . In my opinion, the data will be the same as the expected. In this situation, i'm expecting GBPUSD to hit the median (red bold line, 1.5270/80) or even higher levels: 1.53350 major resistance / 100MA or 0.286 of the pitchfork. Bottomline: IF 1,5090 still holds with a very good US data: LONG it. IF the data is worse than the expected LONG it.
Long
by deren