The pound got a push up and above the consolidation zone we've had our eye on for some time now.
For this setup, I've set my entry line back at the top of the zone.
For these zonal breakout trades I like to see price come back down to the top of the zone it broke out of, to make sure price will now respect that level as support.
I'm targeting a price structure lower high you can see on the left hand side of the chart as my overall target, but will leave some of the trade running if we start to surpass it.
As usual, I've drawn out partial take profit levels to aim for along the way as well. If we fail to get a drawback or hold support, this setup may become invalidated.
For this setup, I've set my entry line back at the top of the zone.
For these zonal breakout trades I like to see price come back down to the top of the zone it broke out of, to make sure price will now respect that level as support.
I'm targeting a price structure lower high you can see on the left hand side of the chart as my overall target, but will leave some of the trade running if we start to surpass it.
As usual, I've drawn out partial take profit levels to aim for along the way as well. If we fail to get a drawback or hold support, this setup may become invalidated.