Top Trade Idea For May 22nd, 2014 – GBPUSD

Top Trade Idea For May 22nd, 2014 – GBPUSD

By Mircea Vasiu on May 22, 2014 12:40:06 GMT

  • Tweet
  • Email
  • Tweet
  • Email

I know people are bullish on the US dollar and they should have all the fundamental reasons in the world to be so: Fed is tapering (which is still tightening make no mistake), there are increasing talks about a rate hike in the United States to come sooner rather than later, etc.

However, looking at charts, situation is a bit different.

This daily GBPUSD chart shows a powerful running variation of a contracting triangle with the pattern forming right below the all important 1.70 level.

Failing to break the level once does not mean the level will not be broken and from my point of view the current pattern is just a pattern in which price is building energy for breaking the 1.70 mark.

Therefore, our 2 steps recommendation calls for 1.70 to come and with that break the target for the move should be anywhere within 1.7050-1.7100 levels. Exiting the longs and wait patiently for a correction in the 1.6900/1.6850 area to come and that would be a place for going long targeting the 1.70 level.

The stop loss in both cases should be 1.6700 level, as that would invalidate both scenarios.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at

Recent posts by Mircea Vasiu

  • Top trade idea for December 1st, 2016 – USDCAD
  • Top trade idea for November 24th, 2016 – USDCAD
  • Top trade idea for November 17th, 2016 – EURAUD

Economic Calendar News, Charts, Research & Video

Copyright © | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.