Our previous analysis noted the trading range of the GBP/USD pair was giving us a good opportunity to trade with a good risk/reward ratio as there was increased probabilities of falling towards 1.50 with a small possible loss at 1.5220. The GBP/USD pair has now broken above the trading range and has given me a buy signal with 1.5350 as target. In general my target is to reach the downward sloping trend line as shown in the chart below.
The GBP/USD is now above the Ichimoku cloud and has also broken above the trading range resistance level and I have now reversed my position from short to long. I believe we are going to get back our losses and make some profits from this trade.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI