Monday, February 10, 2014

GBP / USD: Monday 10th February 2014. 07:09hrs

GBP / USD:

Cable is in an up trend.

Price retraced from the high to a previous Resistance level at 1.6250.

This also the Daily 100 Period Moving average.

Chart below:

 
Price has now begun to move higher and the averages have crossed back to the upside.
 
I am looking for a long position on a pull back to over lapping support as detailed below.
 
Levels and chart below:
 
1st Entry: 1.6380
2nd entry: 1.6370
 
Averaged Entry: 1.6375
 
Stop Loss: 1.6340
 
1st Target: 1.6500
2nd Target: 1.6620
3rd Target: 1.7000
 
I will be moving the stop loss to break even eliminating the risk on a test of 1.6425
 
I will update again when the position has been opened.
 
Have a great week.
 
MDT

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