GBPUSD ‘Breakout’ Trade

Breakout in the sense that GBPUSD broke previous session low. However you really need to be in well above that level, ideally that mini ‘double top’/supply are, not when price is contesting previous low.


Target 127.2 hit, with 141.4 next. 161.8 being ‘hitting the jackpot’ level!


GBPUSD indeed hit 161.8 extension, though quite convoluted as it retraced back up to 78.6 extension (the rejection at 50% and 78.6 levels can be clearly seen.

15 Minute Chart

5 Minute Chart


The previous session low very close to the previous weeks low didn’t help. I don’t usually go after the 161.8, as its usually more of a bare knuckle ride, as opposed to ‘set and forget’