Wednesday 21 May 2014

Long GBPUSD and GBPJPY

Hi guys

I bought GBPUSD and GBPJPY a couple of days ago.

GBPUSD had reached the trendline and so that was a good area to get long. That trendline has held many times and so it provides solid support for buying. As you can see, GBPUSD has made some good gains so  far.



As I had written in a previous post, GBPJPY had been consolidating in a triangle pattern and that I was expecting a breakout soon. However, it looks like it has now transitioned to a rectangular range and so a breakout should still be anticipated in either direction. But for now, I have bought it at the bottom of the range and will be looking to take profit at the top.


Good luck and happy trading!

The Trainee Speculator

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