Trade Recommendation: GBPUSD
This trade recommendation is setting up quickly and requires prompt attention
The British Pound is sitting on the Daily Pivot Range as support which coincides with the 14 Day Pivot Moving Average. The uptrend line from the last 48 hours is intact and remains supportive.
The price has been in a channel for the last many hours and could be ready for a move out of the sideways trend.
With good support on a narrow channeling with a triangle formation we have a setup with a close stop loss level, which gives us an ideal risk reward ratio.
So, the action to take is to place a buy order to enter the market long if the market trades above the 1.34370 level. Using the 60 minute chart we will want to buy on a break above this level which will confirm the market wants to move higher. Place your stop at the swing low and the profit targets stated below.
Entry Price: 1.34370
Stop Loss: 1.34120
Profit Targets: First profit target 1.34820. Second profit target is 1.34960.
Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.
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