breakout of the consolidationrange. Watch the demandzones for a buy.
Put your sellorders just under the supplyzone. SL just above the supplyzone
GBP broke out of the first falling wedge (blue) heading for the bigger falling wedge. Target of a falling wedge is 100% retracement of the wedge. So breakout of the yellow trendline sets this up for a moonshot. I have euro and chf as counterpairs.
Looking EW Cycles a 50% retracement is very likely. As it is also coiling in a falling wedge the target can be way higher. As falling wedges often retrace 100%.
Sentiment is bullish but this would be a good moment to short it. With luck this is going to be 2.000 pips. With bad luck this is going to be break even. At least this will go down a little bit to put your sl on break-even.
When this hits the trendline again i am very very very interested
2 hours before BOC rate decission. Seem nicely positioned for a long. Risky!!