Hi traders,
Detected pattern in forming now and it is somewhere between a flat and triangle. Two scenarios for GBP/USD are as following:
1. Long GBP/USD at the current price level with stop loss below the recent lows at H4 TF. Tp at the upper trend line.
2. Looking for a short, if the current lows will be broken down. Tp@1.295x should be the considering end target level. Stop loss just above the current highs at H4.
Personally I prefer to long, it seems to be more upside to see in the coming days. In good half hour we have the CPI news release, it can bring some actions for that pairs.
Happy trading!
Detected pattern in forming now and it is somewhere between a flat and triangle. Two scenarios for GBP/USD are as following:
1. Long GBP/USD at the current price level with stop loss below the recent lows at H4 TF. Tp at the upper trend line.
2. Looking for a short, if the current lows will be broken down. Tp@1.295x should be the considering end target level. Stop loss just above the current highs at H4.
Personally I prefer to long, it seems to be more upside to see in the coming days. In good half hour we have the CPI news release, it can bring some actions for that pairs.
Happy trading!