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GBPUSD Trading Setup

Posted on Aug 16th, 2016

by colibritrader

GBPUSD Trading Setup

The trading week has started with a volatile kick. Oil is at a five-week high as OPEC sources, Russia, talk of cooperation. The pound is showing signs of revitalisation…

by: Colibri Trader

The previous trading setup was long crude oil. I have been monitoring the price action since then and so far it all looks bullish. Our first target of 46.00 has been reached and now the price is looking for fresh highs. I am not looking to add to this position, but at the same time not looking to take profit. I believe that there is more bullish activity to be seen. Even if we see a minor correction, that could be an opportunity for more longs. For now the trading environment is still bullish.

GBPUSD Trading Setup- today I have spotted a very bullish signal coming from the GBPUSD. The pair has reached the major support level at 1.2860 and bounced back. The candlestick formation from the day was a bullish engulfing pattern. In fact, the bullish candle from today is engulfing the previous three bearish candles. This gives even stronger connotations that the sessions to come will be bullish. I will be looking to enter in a long position during the day. My parameters are as follows:

Entry@ 1.3010

Stop-Loss@ 1.2860

Primary Target@ 1.3390

Secondary Target@ 1.4000

Happy Trading,

Colibri Trader

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