GBPUSD – Looking for Pullback To Role Reversal Level | Jul 2
NOTE: There is both an ECB Rate Decision Tomorrow, along with NFP due to the US July 4th Holiday, so be careful taking positions due to event risk.
GBPUSD – Showing Continual Strength Post Breakout
After breaking above the former yearly high at 1.7063, the pair has been maintaining strength, while losing some momentum post breakout. My guess is the pair will pullback towards the prior resistance, now turned support, and thus become a role reversal level.
Our Trade Idea: Trading with the trend, we will look for a breakout pullback setup at the role reversal level between the 1.7060 – 1.7000 area. Upside targets will be 1.7155 and 1.7250, with the potential for a much larger move up towards 1.7450.
Check out our Live Price Action Trades for June 2014, with the top winner gaining a stunning +17R!
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book