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GBP USD looks set to start the new year on high with a rally looking to take place in the next few days. Daily Chart was moving within a range, Resistance 1,6460 and Support 1.6319 and just broke the Resistance with a bull candle. This could take the GBP to at least 1,6900 by the middle of next week. This is a significant breakout, because its also breaking out from a much larger Consolidation that was formed after the reaction to the Financial Crisis of 2008 and the safe haven buying of the USD. This seen much clearer on the Monthly Chart, where the Resistance points of 1,7041 and 1,6737 connect with Support points of 1,3500, 1,4225 and 1,4812. If this is a true breakout, then this uptrend could be direction for a very long time.
Trading this can be done with an entry at the current market price and a stop loss placed below the Pennant on the 4H Chart. You can then aim for 200 pips over the next few days.
Possible Entry Setup
Entry - 1.6595
Stop - 1.6470
Limit - 1.6795
Trading this can be done with an entry at the current market price and a stop loss placed below the Pennant on the 4H Chart. You can then aim for 200 pips over the next few days.
Possible Entry Setup
Entry - 1.6595
Stop - 1.6470
Limit - 1.6795
