GT247.com Trading Blog

Technical Take - Buy GBP/USD

Written by Barry Dumas | 18 Jul 2017

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
 

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

Want to trade CFD Equities, Forex, Indices & Commodities on the most affordable online South African trading platform?
 
 
 

GT247.com: +27 87 940 6101

IT support & help desk: +27 87 940 6107

Client relations (new accounts): +27 87 940 6106

Sales: +27 87 940 6108