Our previous analysis noted the trading range of the GBPUSD pair was giving us a good opportunity to trade with a good risk/reward ratio as there was increased probabilities of falling towards 1.50 with a small possible loss at 1.5220. The GBPUSD pair has now broken above the trading range and has given me a buy signal with 1.5350 as target. In general my target is to reach the downward sloping trend line as shown in the chart below.
The GBPUSD is now above the Ichimoku cloud and has also broken above the trading range resistance level and I have now reversed my position from short to long. I believe we are going to get back our losses and make some profit from this trade.
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