Pound done taking a pounding? - GBP/USD Ichimoku Setup
The Pound has been slowly regaining some ground against the USD amidst Brexit and concerns over the US Government shutdown that is still in effect. Since the big move up we have been holding support while forming higher highs and higher lows. Adding to this the ichimoku confirmations that we currently have, I currently have a bias to the upside. I am looking for a good entry to get long which would coincide with a drop to tenken/kijun support, with a bounce up. So, I'll be watching for a good support candle to hold there to act a springboard for a further move up. I've drawn out my stop loss and longer term TP assuming I find a good entry and support candle, and I've also drawn out some horizontal lines at areas I'll look to take partial profit to minimize my risk. If we fail to hold support or climb higher, this setup may become invalidated.
Penafian
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