Pound is acting as we expected it to (covered in weekly forecast) and now if you missed the initial entry there is a possibility to re-join. Pair is currently consolidating and it is trading inside a triangle. There are two scenarios to follow. Here is the plan:
Technical Overview:
H1 – triangle pattern forming, up trend line to follow
Entry:
Scenario 1 – Look for a break above the H1 triangle in order to join the bullish momentum. Protect last low.
Target 1: 1.5100
Target 2: 1.5200
Stop Loss: below last low
Scenario 2 – Wait for double wave correction near the up trend line. Also look for hidden bullish divergence to be created. From there you can look for a buy setup.
Target 1: 1.5000
Target 2: 1.5100
Stop Loss: below the trend line and last support
Video Explanation:
Yours,
Vladimir
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