GBPUSD buy target 1.255 from quote 1.223 for a (whopping) 2.6% difference. The duration for the trade is 3-30 days or 1-6 months.
GBPUSD is around the very bottom of its’ all-time range which makes this a no-brainer trade as far as risk concerns. The reason it dropped today was because of political speculations, giving an opportunity in short-term time/price.
The US Dollar is above the very top of its’ 6-month range and is now well beyond it in the 5-year range which means it’s extremely probable the US Dollar will take profits and pull back in price on average in the Forex with a 1-8 week time-frame.
GBP / USD is fixed above the Kijun line. If this happens, then the upward movement will continue to one of the boundaries of the Ishimoku cloud. Perhaps it will be the SSB line at 1.2328. Closer is the SSA line at 1.2250, but this is not a very solid level.
GBP / USD has slipped above the Kijun line, this is blue on the chart. Tenkan (red) is preparing to cross Kijun from bottom to top. Which also speaks in favor of opening long. Most likely the resistance of 1.2100 GBP / USD will break up.
USD is “holding out” as broadly US stocks attempt to sustain prices via. media/politics. Usually means the pump is worn out and the dump is upcoming. Same as Euro 2014.
GBP / USD broke through support for the Kijun blue line. The downward impulse is given powerful, and the inertia of the movement will continue for some time. Moreover, there is Brexit news. So sell it.
Successful target by Sept 20 by a slim margin, now well through 1.255 target; quote 1.2783.
Review: target hit initially (by a slim margin) in under 2 months, closing thread with this reply in under 3 months from post. The intended duration was 1-6 months, well inside time-frame.
