GBP/USD
According to my weekly forecast, I shorted GBP/USD when they challenge previous week high, but yesterday, GBP/USD make a new high to hit 2L target 1.5926, and immediately come down to 1/3 retracement, found support.
Beautiful chart pattern. Levels were not far from my weekly forecast. But timing was a bit out of sync with market…
However, yesterday short was quite disappointing, my short were triggered 30 pips stop loss, right at the high at 1.5926.
As per weekly forecast, If 1/3 support at 1.5830 is holding up nicely (weekly forecast I call for 1.5810), then GBP/USD will continue the upward momentum to challenge TG2: 1.6000 then TG3: 1.6070 (3L).
If GBP/USD cannot break above strong resistance TG2: 1.6000, then it might come back down to 1.5750.
For my trade setup, I prefer to enter long at 1.5850 region, SL 1.5820 (30 pips, 5 pips below yesterday low), TG 1.5980 (130 pips).
Related Weekly Forecast
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