The GBPUSD has just confirmed the triple bottom on a 4h chart, bouncing of the support from 2002. Movement not confirmed by MACD yet, however it is confirmed by RSI 14 and Squeeze Momentum (LazyBear). The trade on chart is just an example trade, and as such the ratio is not the best. However I would recommend a long position, targeting 1.444, which is right below previous high, and SL below 1.405.
Looking at the US dollar chart we might be seeing a further movement as the USD index has been on the decline since the start of February, crossing all the EMAs (25, 50, 100, 200) and TL. Currently at the level of 2015.10.15. As such I have switched by view on the dollar from bullish to bearish, and will not trade with the dollar again before I see a correction on the USD Index.
Entry: 1.413
SL 1.399
TP 1.444
Looking at the US dollar chart we might be seeing a further movement as the USD index has been on the decline since the start of February, crossing all the EMAs (25, 50, 100, 200) and TL. Currently at the level of 2015.10.15. As such I have switched by view on the dollar from bullish to bearish, and will not trade with the dollar again before I see a correction on the USD Index.
Entry: 1.413
SL 1.399
TP 1.444
