GBPUSD – Bounces Off Key Support Level
On Sunday in our weekly market commentary, we recommended buying around the 1.5900 level with a tight stop as it offered a very high reward to risk play. The low was 1.5902 and we made the announcement at 1.5908. If one had bought at the level from the time of the post, or within the next several hours, using only a 15 pip stop, you would have profited at least +140 pips for a 9.3R trade. Savvy price action traders profited off this trade, so hopefully you did the same.
For now, if you haven’t taken profit off the board, then this would be a good place. And for potential further upside targets, there are 1.6150 and the range high at 1.6236 so some additional upside possible. Bears will have to wait till this range high before considering a short. Until then, play the range, with short term momentum up.
Original post
On Sunday in our weekly market commentary, we recommended buying around the 1.5900 level with a tight stop as it offered a very high reward to risk play. The low was 1.5902 and we made the announcement at 1.5908. If one had bought at the level from the time of the post, or within the next several hours, using only a 15 pip stop, you would have profited at least +140 pips for a 9.3R trade. Savvy price action traders profited off this trade, so hopefully you did the same.
For now, if you haven’t taken profit off the board, then this would be a good place. And for potential further upside targets, there are 1.6150 and the range high at 1.6236 so some additional upside possible. Bears will have to wait till this range high before considering a short. Until then, play the range, with short term momentum up.
Original post