This mornings trade on GBP/USD couldn’t really have gone much better! We had a perfect morning spike following a pattern breakout and resulted in some extremely quick profits.
The pair itself has been on a very nice bullish trend in recent weeks and yesterday’s price action on the daily chart signalled we had more to come with a strong close. During last nights asian session we had a nice piece of consolidation which is exactly what you want when looking for breakouts at the London open. Sure enough at 7:10am GMT we had the breakout candle that I was looking for. Luckily i was quick to take a position as it wasn’t long before this thing ripped! Within minutes this had banked me over 1% and i was watching closely to see how things developed.
In my experience anything that rises or falls this steeply tends to reverse quite quickly so when we had a slightly weak close I decided to close out my position and bank the profits.
In at 7:10 and closed by 7:20. Not a bad days work!
