GBP Ready to Rise? - GBP/USD Ichimoku Long Trade
The pound made a big comeback last week and now we're testing the flat kumo.
I am not interested in a buy until we prove that we can break up and above previous resistance which is where I've drawn my entry line.
We have bullish confirmations right now but the bullish kumo is still in a weak area down and below the previous bearish kumo.
We are testing and holding tenken sen, but also having trouble breaking through the kumo so we'll want to keep an eye on that battle and see how it plays out.
If we can break above the previous resistance and kumo, then I've drawn out a few partial take profit levels on the way to my overall price structure high target.
If we fail to get the breakout we need, or if our bullish confirmations change, this setup may become invalidated.
I am not interested in a buy until we prove that we can break up and above previous resistance which is where I've drawn my entry line.
We have bullish confirmations right now but the bullish kumo is still in a weak area down and below the previous bearish kumo.
We are testing and holding tenken sen, but also having trouble breaking through the kumo so we'll want to keep an eye on that battle and see how it plays out.
If we can break above the previous resistance and kumo, then I've drawn out a few partial take profit levels on the way to my overall price structure high target.
If we fail to get the breakout we need, or if our bullish confirmations change, this setup may become invalidated.