Have been saying for months that our target for GBPUS target is 1.6000. Price reached close to this level Mid June and late August.
However, we are all about risk management and safety within the markets. As you could see on the chart price has been rejected to the downside "DPR" 4 times. These 4 levels sit on the 61.8% retracement on the weekly time frame. Even though I believe this trade setup is long I always have a safety plan (Exit Plan). So if price breaks below 1.50750 then would look short to the down side highlighted red box (Careful of false breakout.)
However, As explained on the chart we have several upside targets. Day traders can gave multiple targets between current price and target 1. On the 4 Hour time frame we currently have a falling wedge representing a reversal to the upside in combination with oversold on the Stochastic on both the Daily and 4 hour time frame.
However, we are all about risk management and safety within the markets. As you could see on the chart price has been rejected to the downside "DPR" 4 times. These 4 levels sit on the 61.8% retracement on the weekly time frame. Even though I believe this trade setup is long I always have a safety plan (Exit Plan). So if price breaks below 1.50750 then would look short to the down side highlighted red box (Careful of false breakout.)
However, As explained on the chart we have several upside targets. Day traders can gave multiple targets between current price and target 1. On the 4 Hour time frame we currently have a falling wedge representing a reversal to the upside in combination with oversold on the Stochastic on both the Daily and 4 hour time frame.
