Cable - long position trade

Looking at the 4-hour chart on the cable, I see my downward trend line has been broken! This looks like there just may be a reversal towards the upside, so I will be looking into entering a buy cable position today.

At the moment price is hovering around 1.6150 which is quite high to be buying, so I’m going to wait for a retracement.

Looking at the 1 hour chart on the cable, I see a potential area where I could enter into a buy position. The 200 SMA is hovering just above the 1.6080 line which is yesterday’s R1 on pivot points. It is also just above my trend line, so I would look to enter around here.

I’ve placed an order to buy GBP/USD at 1.6080 which is good till New York close today.

Trade

Buy GBP/USD at 1.6080

Stoploss: 1.6030 (yesterday’s pivot point)

Target: 1.6200

I will add an additional position at 1.6130 (50 pips from entry) and move my stoploss to 1.6080.