Six months ago we forecast a long entry zone for GBP USD – well here we are.
As you can see the currency pair is right in the zone – exactly on time.
However we are concerned. Our main concern is that we expected a rally to around 1.44 earlier in the year and the most it could manage was 142.5.
We prefer to sit on the side lines for now and closely watch the action in the white triangle over the next few weeks to determine which direction this pair is heading. We’d be very interested in potential long positions near the bottom of the triangle and certainly near the dotted green line.
For those of you have decided to go long at this point we’re afraid its impossible for us to work out a risk/ reward ratio and stops should be placed along unconfirmed trend lines to minimise any losses.
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