GBPUSD towards 1.30 once again?
GBPUSD has been quite slow recently. Volatility in November can't certainly be compared to the one we had in October. The price is currently approaching two down-trend lines: the first one is a long-term one, going through the whole month of November; the second one is a recent one and also forms the upper part of a pennant.
Last candle was quite strong, giving a good action by buyers, but the upper shadow also showed a strong presence of sellers in the market. I place my buy stop entry order above the upper shadow, waiting for a stronger action that would also break the two downtrend lines.
Stop loss below the candle we were analyzing and take profit at 1.2955, applying the concept of measured move to the previous strong up-movement.
Last candle was quite strong, giving a good action by buyers, but the upper shadow also showed a strong presence of sellers in the market. I place my buy stop entry order above the upper shadow, waiting for a stronger action that would also break the two downtrend lines.
Stop loss below the candle we were analyzing and take profit at 1.2955, applying the concept of measured move to the previous strong up-movement.
Trade active
Order triggered at 1.2870, trade active.Trade closed: target reached
Take profit reached!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Find out more at itstradingtime.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.