GBP/USD 240 minute chart
Long: 1.6250
Stop Loss: 1.61940
Profit Target: 1.67460
Trade Explanation:
Cable has broken out of a trading range that it was in from 15 September 2013 - 27 November 2013. That is a large base that it broke out of yesterday with some force. I am looking to buy the retest of the breakout and join the uptrend. My target is 1,67460 which is the 2011 high of the pair. The zone for entry is highlighted in yellow on the chart image.
thats a nice setup … possible re-entry around 1.6270… lets see.
Agreed, 1.6270 might be the level.