Going long on GBPUSD
As anticipated in my previous post, price created a right shoulder to complete our head and shoulders pattern to give us a third touch on our trendline resistance. Price has since broken out, thus giving us our signal for an entry. I will be placing my stop loss at the previous swing low as if price breaks past this level it invalidates our buying position as price has to create higher highs and higher lows in order for there to be a bullish reversal.
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