Update on the GBP/USD signal

Posted on 13. Apr, 2009 by Jakob in Forex Signals

A few days ago, I wrote about the GBP/USD trading in a range, and the possibility for a trade, when either the support or resistance line was broken. It did take a while, and to be honest, I didn’t expect it to happen today, due to the holidays. But it did break our resistance line about 5 hours ago. The one hour candle closed shortly after above the resistance line, and I went in long at 1.4805. At this moment the pair is trading around 1.4855, so I am up about 50 pips. I have moved my stop loss to break even, and I will let it ride a bit. I expect it to go higher, but since we are getting close to the psychological 1.5000, I will keep an eye on it. I will probably TP at 1.4870 -75 if it goes that far. I guess I will go higher throughout the week, but I will probably bounce of 1.5000 a couple of times before breaching it. We have not really seen any retrace back to our resistance (now support) line, but if you didn’t get in, you will probably get another shot, within a short period. If you want to be safer, wait for a breach of 1.5000, to go long. That’s it for now. Let me know what your thoughts are.

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Update on the GBP/USD signal

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