Chart of the week

GBP/USD

MPC Meeting Minutes are scheduled to be released tomorrow April 23, 2014 at 4:30 AM EST.

The BOE did not release any statement during their last rate decision that took place two week ago, so tomorrow's minutes will reveal what exactly took place during the meeting. Expect volatility.

Currently GBP/USD is in a bullish pattern and any break over 1.6840 area would bring in more buyers. There is also a very strong trend in play with multiple higher highs and higher lows on minor and major time frames that suggest that this strong trend might continue on positive reaching to the Meeting Minutes,

Let's take a look at the technical chart below to see the optimum point of entry and the stop loss area.

Any price action that breaks over 1.6840 can propel this currency pair to a higher target level possibly of 1.6900 and 1.7000.

Trade Idea:

GBP/USD long after the release!

Entry over 1.6840

Stop under 1.6810

Risk: 30 pips

Target 1: 1.6900 (day/swing trade target)

Target 2: 1.7000 (long term target - might require a soft stop)

GBP/USD daily chart below:

Happy Trading,

Anka Metcalf

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