Marc Principato, CMT
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Marc Principato, CMT in Marc Principato, CMT - SMB Capital,

GBPUSD LONG SETUP NEARING


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GBPUSD the broader trend is bullish.  And this pair has been staying within retracment supports. There are two swing trade long setups I will be looking for from here.
After the initial push upward off the broader time frame trend line, I am looking for a retrace back to the 1.6500.  Upon bullish validation, I will consider a long here with a target in the 1.6680 area.
The second setup would be an extreme push in an attemp to break the 1.6450 support.  If price pulls into this zone, I will be looking for bullish validation.  This would present a higher potential trade with minimum target in the 1.6630 area.  Since the broader trend is bullish, I would also attempt to hold some for a test of higher prices into the 1.6700 - 1.6800 area.
Keep in mind once these trades validate, they can take weeks to play out.
If price breaks below 1.6400 and sustains those lows, then that would cancel out my long ideas. This is also a good place to begin to measure risk initially. 
If you have any questions about how I conduct this analysis or trade, you can learn more here.