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British Pound / U.S. Dollar

GBP/USD - BREAKOUT COMING

By TradeItSimple
GBPUSD

The rate has been stuck in a contracting range for this past month and it seems to be very close to breaking out indicating the direction the next move will be. Because of the rate currently trading in the exact middle of a larger box range I don't have any particular short term bias and will be looking to trade a break on either side.

For a dowside break and a move towards the larger range support at 1.2000 I will be waiting for a strong break (or a daily close) below former resistance/now support at 1.2400.

For an upside break I will need to see a strong bullish candle (marubozu or the like) to target the range resistance (and a possible double bottom neckline) at 1.2775.
breakouttradecableGBPUSD
TradeItSimple
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