GBP/USD Taking Profits
03/08/2017
Mostly due to the weakness in the dollar the cable rate finally started to crawl higher into the profit zone. I am Taking profits and closing the trade and moving on to the next opportunity.
Original Trade note: /buy-gbp-usd-technical-take
Revised Trade:
Direction: Buy (long)
Entry: 1.3036
Stop: Loss: 1.3117 (new stop level)
Take Profit: 1.3248 (reached)
Chart source: Bloomberg
Go Long on the GBP/USD pair
18/07/2017 08:03am
Direction: Buy (long)
Entry: 1.3036
Stop: Loss: 1.2816
Take Profit: 1.3248
GBP/USD has completed an inverse Head and shoulders pattern and has broken through the neckline mostly due to dollar weakness, entry to the trade should be taken at 1.3036. The first take profit target is 1.3248 and full profit take profit level at 1.3500 if the dollar still continues to weaken.
Chart Source - Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Barry Dumas | Trading Specialist at GT247.com
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