May 21, 6:45 GMT
The GBP/USD is likely to break out of the current range as we head into the London session. This range is easily seen on a 15 minute chart.
Current patterns indicate a continuation of the uptrend. A move above the recent high at 1.5815 offers an initial profit target of 1.5870. A further move above 1.5900 indicates a target of 1.600.
A move below 1.5730 is less likely at this point but would offer a target of 1.5675.
The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair. 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.
~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!
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Tags: forex, forex broker, forex market analysis, forex market commentary, forex signals, forex technical analysis, forex trades, free forex signals, gbp, gbp/usd, usd
GBP/USD Forex Day Trading Idea – May 21
May 21, 6:45 GMT
The GBP/USD is likely to break out of the current range as we head into the London session. This range is easily seen on a 15 minute chart.
Current patterns indicate a continuation of the uptrend. A move above the recent high at 1.5815 offers an initial profit target of 1.5870. A further move above 1.5900 indicates a target of 1.600.
A move below 1.5730 is less likely at this point but would offer a target of 1.5675.
The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair. 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.
~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.