GBPUSD – Buy Signal Now +150 Pips
GBPUSD – 1.6820 Buy Setup Now Up Over +150 Pips
In our May 1st commentary, we offered up a buy signal at 1.6820 as we felt trading with the trend was still the play, and we had our level. Sure enough, the market fell back to our level to the pip, then found buyers.
It should be noted the USD gained heavily in the NFP sell-off, yet our level held the line quite strongly. Many traders in the members forum took this trade and profited heavily, so congrats to all as the top student got a +7R!
As you can see from the chart below, buyers accumulated just above 1.6850 before launching the pair higher today, coming a hair just below our 1.7000 target. For now, the trend is still up, so we’ll consider buying on corrective pullbacks to around 1.6900 targeting the ‘big figure’ above. Above here, the next level is 1.7075 from the 2006 swing lows.
Check out our latest article How to Keep the Right Perspective When Trading
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