Trading the GBP/USD can be very exciting, especially in such volatile conditions. Just a couple of days ago, after doing some of my Elliott Wave analysis, I saw that the GBP/USD should make a strong upward move in the coming days, shooting towards levels near 2.1160! I made that call on 16 Nov (Friday) when the GBP/USD was at 2.0410, conceding that there would likely be further consolidation and a little more downside. I placed a long trade at 2.0394, expecting it to last over the weekend. Although I believe that the larger trend will bring the price to levels near 2.1160, I aimed for a 150-pip profit, with a 50-pip stop-loss. Indeed, we saw a very nice uptrend that closed out my trade with a 150-pip profit at about 9 pm GMT (5 am on 17 Nov, Singapore time). This trade was more aggressive than my usual trades because of the rare confidence that I had in the upcoming bullish trend!
As I write, the GBP/USD is now experiencing some consolidation, and I’m expecting the short-term goal is to exceed 2.0655 (up from last Friday’s low of 2.0352). In the meantime, support should be somewhere near or slightly below 2.0450. I might be going in soon for the kill again with another long trade …
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