Pending Long GBP/USD in 1.669X region
WARNING: Unless you've been scalping this upward channel, which at the maximum could've yielded between 500-700 pips; this is a risky play considering the number of times that this trend line has been tested. I personally scalped about 300 pips out of this channel so far, so I can afford the risk.
Wait for price to hit the trend line in the 1.669X region for a possible long entry.
Consider exiting if price closes below the trend line.
Target 1: 1.682X region (February high)
Target 2: 1.7000 (highly doubt we'll get there on this attempt, it'll probably come back down for another long opportunity before going back up.
Contingency plan: Even if the trend line doesn't hold, the entire 1.66-1.67 is a solid buy zone for position traders. However, I'd wait for the lower end to try going long again.
Possible support levels below:
1.664X
1.661X
1.66 (BIG LEVEL)
1.658X
Wait for price to hit the trend line in the 1.669X region for a possible long entry.
Consider exiting if price closes below the trend line.
Target 1: 1.682X region (February high)
Target 2: 1.7000 (highly doubt we'll get there on this attempt, it'll probably come back down for another long opportunity before going back up.
Contingency plan: Even if the trend line doesn't hold, the entire 1.66-1.67 is a solid buy zone for position traders. However, I'd wait for the lower end to try going long again.
Possible support levels below:
1.664X
1.661X
1.66 (BIG LEVEL)
1.658X
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