I entered long in GBPUSD after the break above the two bullish pin bars with long lower wicks. I entered on the pullback after the breakout allowig me a fairly close initial stop which was hit as the pullback extended into the US traing hours. Now the pair is testing the 50% fibo level just below the 1.6000 mark. This level also meets the measured move target of the A-B-C correction on the 4h chart.
Tag Archives: measuredmove
The GBPUSD is trading at a new high above 1.6100 which puts pressure on EURGBP which can post an A-B-C correction. The measured move target of this move is in the range of the bullish candle that broke above the previous swing high leaving the uptrend valid.
The price action still indicates an uptrend therefore I am still looking for a buy signal below 0.8600.