Pound Breaking Out Of Trading Range
Alexandros Yfantis | Feb 04, 2015 09:06AM ET
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.
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