A risky, but potentially lucrative long opportunity for GBP/USD with the help of a bullish Deep Crab Pattern.
Obviously at this stage with all the uncertainties surrounding the Brexit negotiations, it is rather risky to trade any pair with GBP. However, GBP/USD has reached extremely oversold territory on nearly all the time frames, especially the daily time frame, thus, long opportunities on smaller time frames seem to have quite some potential as previous rallies have shown.
Key for this bullish Deep Crab Pattern to remain valid is for price not to close below the indicated support zone, i.e. 1.3095. Although point D of the pattern is well below it, psychologically the support zone has a lot of significance, hence, a key level to keep an eye on.
Trade long (RvR ratio 1.77 alternatively 3.63) Entry: Close above 1.3144 S/L: 1.3060 S/L Alternate: 1.3103 T/P 1: 1.3217 T/P 2: 1.3269 T/P 3: 1.3293 As always, scale out your profits and adjust your stop/loss to suit your personal risk management profile.
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