May 24, 8:00 PM GMT
The markets are currently closes at the time of the this writing. A wedge has formed in the GBP/USD currency pair. This provides for potential day trades or swing trade set ups.
The wedge is providing resistance in the 1.6000 area and support can be found at 1.5900. These these levels will change over time as the lines are upward sloping. The pair closed last week at 1.5932.
A breakout of the wedge would offer a target of 277 pips +/- the breakout price. An upside breakout would provide a profit target on the trade of the breakout price +277 pips, or a downside break indicates a profit target of the breakout price -277 pips.
This is an aggressive target, rounding the potential profit down to 250 pips is prudent.
The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair on a 1 hour 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.
Source: Forexyard, GBP/USD 1 Hour Chart
~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.
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/Swing Trade Idea – 1 Hour, May 24
May 24, 8:00 PM GMT
The markets are currently closes at the time of the this writing. A wedge has formed in the GBP/USD currency pair. This provides for potential day trades or swing trade set ups.
The wedge is providing resistance in the 1.6000 area and support can be found at 1.5900. These these levels will change over time as the lines are upward sloping. The pair closed last week at 1.5932.
A breakout of the wedge would offer a target of 277 pips +/- the breakout price. An upside breakout would provide a profit target on the trade of the breakout price +277 pips, or a downside break indicates a profit target of the breakout price -277 pips.
This is an aggressive target, rounding the potential profit down to 250 pips is prudent.
The preceding is a forex market commentary based on technical analysis for the GBP/USD currency pair on a 1 hour 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.
Source: Forexyard, GBP/USD 1 Hour Chart
~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.