Daily TPO
Starting off with the daily we have had a rotational day yesterday leading us to believe we may see a breakout occur today. Given where we are currently trading (previous day low / Asia range low), we strongly favour a move the upside at least towards 1.2140.
AM session TPO
Holding pre London on the single-print of the previous day low, we have Frankfurt open untested and are currently building volume at these lows. We are looking for a move higher through the previous days highs this morning.
GBPUSD 15min candlestick chart
Our trade idea on the pound would look something like this below, although if we spike into this stop region on the open we will still consider a long from the daily POC below. Target may well extend well beyond 1.2115 however we should take the market as it presents itself. Tip: leave a runner at breakeven if this were to play out.
Trade Safe
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