GBPUSD approaching target after break out

Pound breaking out of trading range
February 4, 2015
USDJPY finally starts new upward trend
February 11, 2015

In a previous post I mentioned my trading strategy regarding the GBPUSD pair. Initially it was trading inside a specific price range and I decided to go short near the upper boundary of the price range, as the risk was small and the potential worth taking the risk. The trade I took was to sell GBPUSD below 1.52 with 1.5220-1.5230 stop. At first resistance was strong and the initial price rejection filled me with hope that I was correct. But the market reversed and price broke above the upper boundary. Not only my stop was hit but as I said in a new post of mine, I decided to reverse my position from short to long as this was an important breakout. With a long position now opened at 1.5220 I was targeting the 1.53-1.5350 area which we are currently in.

GBPUSD1GBPUSD has finally reached my target and the next big resistance which is the downward sloping trend line that comes down from 1.72. Not only did I make up for my losses but also made a nice profit. Trades like this one are posted everyday in my exclusive for members Twitter account. Although it can continue higher towards the Ichimoku cloud resistance I prefer to take my profits and close my long position. Thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.