May 06 6:53 PM GMT
The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a daily chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment.
The GBP/USD has broken out of a range along a rising trend line. The former high of the range was 1.5067, which was penetrated yesterday. The pair is currently trading at 1.5125. If prices continue in the current direction the profit target for the breakout is 1.5717 (or 650 pips (rounded) above the breakout price).
The rising trend lines can also be used as guidance.
~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!
—————————
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GBP/USD Forex Swing Trade Signal – Daily Chart
May 06 6:53 PM GMT
The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a daily chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment.
The GBP/USD has broken out of a range along a rising trend line. The former high of the range was 1.5067, which was penetrated yesterday. The pair is currently trading at 1.5125. If prices continue in the current direction the profit target for the breakout is 1.5717 (or 650 pips (rounded) above the breakout price).
The rising trend lines can also be used as guidance.
~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!
—————————
Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.
Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.
I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.