GBP/USD Forex Day Trading Signal-15 Min Chart, May 11

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May 11 5:51 AM GMT

The following is a forex market commentary based on technical analysis for the GBP/USD currency pair. It is based off of a 15 minute 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.

After a strong run up on Friday by the GBP, the market has consolidated in a 50 pip range.  It could also potentially be a double top if the a breakout occurs in a downward direction.  The profit target for the breakout is 50 pips, whether it breaks above 1.5245 or breaks below 1.5195.  This puts initial targets at 1.5295 on the upside, or a 1.5145 on the downside.

If the market continues higher, a further profit target would be 1.5400.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!
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