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.

34GBPUSDM5

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

UPDATE

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
89GBPUSDM15

5 Minute Chart

055GBPUSDM5

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’