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Uptrend on GBP/USD (January 13, 2014)

GBP/USD is still on an uptrend, despite the sharp selloff that occurred recently. The pair has just bounced off the bottom of the rising channel on the 1-hour time frame as indicating potential rallies.

Stochastic is moving out towards the overbought zone, which means that further rallies might be short-lived, possibly until the recent highs around 1.6600 or until the top of the channel near 1.6700.

140113_gbpusd

 

Going long at market with a stop below the channel and a target of 1.6700 could make a good return on risk for a short-term trade. Moving the stop to entry once price tests the previous highs can minimize exposure later on.

By Kate Curtis from Trader's Way

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Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

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