I am looking at the potential for a long term buy & hold on GBPUSD.
There is a nice daily wedge pattern forming with price being supported by a lower bullish trendline and the daily 50EMA.
Multiple daily wick rejections are forming at this current zone and I think we could see a push upwards and break of the upper wedge trendline.
Risky entry = buy now and anticipate the break of the wedge.
Low risk entry = Wait for the wedge trendline to break first.
TP1 = Previous resistance at 1.35
Long term profit target = weekly/monthly resistance at 1.43500
There is a nice daily wedge pattern forming with price being supported by a lower bullish trendline and the daily 50EMA.
Multiple daily wick rejections are forming at this current zone and I think we could see a push upwards and break of the upper wedge trendline.
Risky entry = buy now and anticipate the break of the wedge.
Low risk entry = Wait for the wedge trendline to break first.
TP1 = Previous resistance at 1.35
Long term profit target = weekly/monthly resistance at 1.43500
