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KhaleemAli

GBP/USD LONG - Hammer/4HR Resistance/Weekly Potential

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
KhaleemAli Updated   
FX:GBPUSD   British Pound / U.S. Dollar
7
0
The price has not yet hit its weekly resistance level, so still has potential to reach this, yes it has broken out of the ascending wedge, however, it has met support at the 4HR level thus has created an indecisive hammer, usually occurring when the price is about to reverse. I have taken out the trade based on the 4HR timeframe and i believe price will reach a minimum of the next 4HR resistance where i have placed my TP.

TP @ 1.2593
SL @ 1.24847
R/R @ 1.72
Trade closed: stop reached:
No idea why i took this trade. Traded off emotion. Confluences were pointing down,it just broke out of the trend line.
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