GBPUSD analysis: Long Bias
Updated
GBPUSD seems to be forming a bullish flag, approaching 61.8 on the Fib which is also a strong support level.
Note
GBPUSD did not tick my trading check boxes on Friday so I did not enter. This pair moved 80 pips to the upside on Friday.Trade active
GBPUSD update: So after Friday's bull run, GU managed to fall down to my entry. I am currently in this trade with the parameters as indicated in above image. Lets see if this trade plays out. Note: DXY is quite strong at the moment and had a very good bullish day resulting in GU dropping and hitting my buy limit.TIP: Never be married to your analysis. I will be managing risk and close positions as I get a change of heart based on specific technical and fundamental analysis.
Trade closed manually
GBPUSD update: This pair hit my buy limit and opened the trade, it did not respect the support and ascending trendline and just plunged downward. I manually closed this position at a minor loss of about 15 pips.
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