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GBP/USD Price Action

Posted on Jul 27th, 2015

by colibritrader

Dear GBP/USD Price Action Traders

The price action signal from last time (EUR/USD) has played out quite well. The EUR/USD has already risen more than 200 pips. There is no reason to take profits at these levels. I am actually looking to enter another long position, if there is a retracement and I see a signal from my intraday trading strategy. The candle is from today is extremely bullish and there is no reason why we can’t see EUR/USD rising to 1.14500 or even higher.

Today’s trading signal is coming from GBP/USD. There was a small hesitation candle yesterday. Today’s candle is strongly bullish. Traders rushed to buy this currency pair in the early lunch-time pushing it to almost 1.5600. What I am looking to do is to go long after a small correction towards the 1.5560– area. Ideally, I would be looking to enter into a trade based on my intraday trading strategy. Otherwise, if you don’t follow my intraday trading system, you can place your long orders at 1.5560. The stop should be placed just under the level of 1.5460. The first rice target is the level of 1.5700. The next one is the level of 1.5900– but it will depend on price action to see whether this move could be sustained in the short-medium term.

Happy Trading,

Colibri Trader

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