jacoblnrgn's Blog

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800 pips banked on GBPUSD

Closed my long term position on the GBPUSD yesterday with an 800 pips on my GBP analysis which i posted a month ago. I believe we might be getting a retracement from here on out. It's better to be on the same side. Keeping your profit by not trading is also a good strategy to success in forex. Congratulations to all my followers!!! Happy pip fishing!
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The unbelievable about GBPUSD

Trend is bearish here, but GBP is not at oversold. Right now market has reached strong support area, Yearly Pivot support 1 and major monthly Fib level. Monthly chart give us just single AB-CD pattern with nearest target at 0.618 extension – 1.3088. Currently 1.30-1.31 area looks unbelievable, but if we would suggest parity on EUR/USD and starting rate hiking cycle in US – why not? Still, this is very long-term picture and right now we’re mostly interested in reaction of the market on current su…
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