Pound breaking out of trading range

Pound trades inside trading range
February 4, 2015
GBPUSD approaching target after break out
February 5, 2015

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.

GBPUSD1The 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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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.