GBP/USD has been in a very strong down trend and bounced off a strong daily channel line from 5/13. This is a very aggressive counter trend buy attempt with the goal to touch the other side of the channel. The trend line at the middle is a hurdle/first target. A break above that middle trend line will open up the door for a test of the top of the channel.
Entry: Between 1.1375-1.1425
Stop: 1.1325
Take Profit: 1.17+
We can try this trade twice.
Big risk with the Fed statement on Weds that will cause the next big leg up or down. USD has been on a crazy run and up over 5% against GBP this month. Pound is down over 15% this year so far. Looking for an aggressive snap higher after hitting a 37 year low. I think we could see a 300+ pip technical correction this coming week!!!
Leave comments and let me know what you think!
Entry: Between 1.1375-1.1425
Stop: 1.1325
Take Profit: 1.17+
We can try this trade twice.
Big risk with the Fed statement on Weds that will cause the next big leg up or down. USD has been on a crazy run and up over 5% against GBP this month. Pound is down over 15% this year so far. Looking for an aggressive snap higher after hitting a 37 year low. I think we could see a 300+ pip technical correction this coming week!!!
Leave comments and let me know what you think!