Price just retested the minor support level, and may be heading towards the previous resistance. We took a long position here and set risk to reward ratio (R/R) to 1/2. Risking 31 pips, and targeting 62 Pips.
Price just retested the minor support level, and may be heading towards the previous resistance. We took a long position here and set risk to reward ratio (R/R) to 1/2. Risking 31 pips, and targeting 62 Pips.
Price consolidated, forming a symmetrical triangle pattern. Price eventually broke to the upside, and we would be taking a long position. RR is 1/2. Stop loss is tightened and place just below the recent swing low and Take profit placed at the recent swing high.
I would be looking to take a long position here. The possibility of price retesting the recent swing high is overwhelming. Therefore I will be looking to long GBPUSD the moment it retest the support zone, before lifting off to the recent swing high.
Remember this is a swing. Timeframe is the 1hr intraday timeframe.
