Price has been trading within a symmetrical triangle marked by convergence trend lines.
This typically shows that the price is about to make a move in either direction.
Prior price action suggests a downtrend but the more recent action suggests a range that is tightening and is more bullish.
Breakout Anticipation:
The arrow illustrates the target for bullish breakout anticipations.
A breakout above the upper trendline of the triangle is a bullish indication.
Take profit is set in the green zone approximately at 1.33029.
The red zone represents where Stop Loss is set around 1.31924.
Risk to Reward:
This trade setup has a balanced risk reward strategy based off the zones highlighted.
Entering around 1.32160 SL around 1.31924 and setting TP around 1.33029, creates a good 2:1 ratio.
Support Zone:
Confluence is added as the support zone is just below the triangle.
Confirmation Tips:
Expect the breakout to be confirmed with volume and strong candles breaking the triangle.
look for strong bullish candlesticks like: engulfs, and close above previous candlesticks.
Keep an eye on fundamentals that impact movement like news to USD/GBP.
Conclusions:
Caution allows this strategy to look good for a long entry but only if the price breaks and closes above the triangle resistance.
Breakout levels can be set around the alerts which will trigger them early enough to seize the action.
This typically shows that the price is about to make a move in either direction.
Prior price action suggests a downtrend but the more recent action suggests a range that is tightening and is more bullish.
Breakout Anticipation:
The arrow illustrates the target for bullish breakout anticipations.
A breakout above the upper trendline of the triangle is a bullish indication.
Take profit is set in the green zone approximately at 1.33029.
The red zone represents where Stop Loss is set around 1.31924.
Risk to Reward:
This trade setup has a balanced risk reward strategy based off the zones highlighted.
Entering around 1.32160 SL around 1.31924 and setting TP around 1.33029, creates a good 2:1 ratio.
Support Zone:
Confluence is added as the support zone is just below the triangle.
Confirmation Tips:
Expect the breakout to be confirmed with volume and strong candles breaking the triangle.
look for strong bullish candlesticks like: engulfs, and close above previous candlesticks.
Keep an eye on fundamentals that impact movement like news to USD/GBP.
Conclusions:
Caution allows this strategy to look good for a long entry but only if the price breaks and closes above the triangle resistance.
Breakout levels can be set around the alerts which will trigger them early enough to seize the action.
Trade closed: target reached
our target is hited and tp is done enjoy our service 
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.