GBPUSD – May 19th 2014

Should price action for the GBPUSD remain inside the 1.6800 – 1.6900 zone the following trade set-up is recommended:

• Timeframe: W1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.6840
• Take Profit Zone: 1.6240 – 1.6340
• Stop Loss Level: 1.7040

Should price action for the GBPUSD breakdown below 1.6800 the following trade set-up is recommended:

• Timeframe: W1
• Recommendation: Short Position
• Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
• Take Profit Zone: 1.6240 – 1.6340
• Stop Loss Level: 1.7040

Should price action for the GBPUSD breakout above 1.6900 the following trade set-up is recommended:

• Timeframe: W1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.6940
• Take Profit Zone: 1.7040 – 1.7100
• Stop Loss Level: 1.6800

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.

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