Profitable Breakout Trading Amid Narrow Price Ranges

Even though the pound sterling ended yesterday’s trading day virtually unchanged against the U.S. dollar, we got what we have been looking for before prices pulled back: A short-term price breakout with a profit target that was exactly filled.

In our morning analysis from October 26, we wrote “GBP/USD Time for a break-out? The cable traded in a narrow range recently which is why we now prepare for upcoming price breakouts. A renewed break above 1.3775 could spur bullish momentum towards 1.38 and possibly even 1.3830.

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