GBP/USD Bullish Breakout
Price has broken out of the highlighted pennant formation.
This also enables price to continue to challenge and possibly
break the 2 month upper resistance trend line.
I would recommend targeting 1.3933 first, which is the 61.8%
Fibo retracement level. If price is capable of breaching this
level, then proceed to target 1.3998, which is the
AB=CD completion.
Alternatively, if you measure the target objective using
leg AB from where price broke out, you could target Point
C of the Bullish Butterfly pattern, either directly or after price
breaks the 2 month upper resistance trend line.
The take profit level of using this alternative is the
61.8% FIbo retracement from 1.4345 to 1.37117.
Trade 1
Entry: 1.3893
S/L: 1.38407
T/P 1: 1.3933
Trade 2
Entry: Break and close above 1.3933
S/L: 1.38407 (or as desired)
T/P 2: 1.3998
T/P 3: 1.4103
Happy trading
Price has broken out of the highlighted pennant formation.
This also enables price to continue to challenge and possibly
break the 2 month upper resistance trend line.
I would recommend targeting 1.3933 first, which is the 61.8%
Fibo retracement level. If price is capable of breaching this
level, then proceed to target 1.3998, which is the
AB=CD completion.
Alternatively, if you measure the target objective using
leg AB from where price broke out, you could target Point
C of the Bullish Butterfly pattern, either directly or after price
breaks the 2 month upper resistance trend line.
The take profit level of using this alternative is the
61.8% FIbo retracement from 1.4345 to 1.37117.
Trade 1
Entry: 1.3893
S/L: 1.38407
T/P 1: 1.3933
Trade 2
Entry: Break and close above 1.3933
S/L: 1.38407 (or as desired)
T/P 2: 1.3998
T/P 3: 1.4103
Happy trading
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.
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.