GBPUSD Trade Idea: Short term Structural Support Breakout
Our latest GBPUSD Trade Idea was a LONG trade based on Bullish Harmonic Pattern and we have reached our first target at 1.33000.
Triggered by the last week’s BoE Rate decision, Cable hit 1.33150 and pulled back almost 120 pips.
Price tested Fibonacci 50 % of the latest XA move. Currently, it is trading at 1.32240 Fibonacci 38.2%. Now we see a ABCD correction. After this correction :
If the price breaks below 1.32300, 1.32000 ( Fibo 50% ) and 1.31800 will be the next targets.
A bullish harmonic pattern might be completed at 1.31400 – 1.31300 regions. We will look for a long opportunity at the area of interest as mentioned above chart.
We will publish short and long trade ideas as soon as they are executed for premium members.
We take the Short Trade as follows
Short @ 1.31900
We will update premium members for the Long Trade
Short trade reached the target and generated 70 Pips. We will look for a LONG opportunity based on harmonic XABCD. We will send entry notification to premium members.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPUSD Trade Idea: Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.