Bullish on the gbpusd for the following reasons:
1: Price broke the year highs set back in February on 11/05/15 so expecting bullish momentum to continue.
2: Trend line held after the FOMC.
3: Price has been making higher highs and higher lows so expecting that trend to continue.
4: Looking for a completion of the ABCD pattern at the -618% Fibonacci extension 1.60500
My stops are placed at the previous kumo resistance 160 pips looking to achieve a profit target of 500 pips just over a 3:1 risk to reward ratio
1: Price broke the year highs set back in February on 11/05/15 so expecting bullish momentum to continue.
2: Trend line held after the FOMC.
3: Price has been making higher highs and higher lows so expecting that trend to continue.
4: Looking for a completion of the ABCD pattern at the -618% Fibonacci extension 1.60500
My stops are placed at the previous kumo resistance 160 pips looking to achieve a profit target of 500 pips just over a 3:1 risk to reward ratio