Good afternoon traders,
I see an interesting scenario forming on this currency pair.
In case of a bearish outlook I'll be looking at the current trendline to break and have a corrective pattern forming and I'll be looking then to sell with the 3 Take profit levels marked. in terms of fundamentals a Brexit deal will definitely affect the direction of the sterling.
Bullish scenario is the one that I am liking the most at the moment as generally the more times a resistance or support are tested the weaker they become and with this trendline we can see a series of higher highs and higher lows moving towards resistance.
for a Bullish outlook I'll be looking to buy anywhere above the 8.40 level with the first obstacle around the 8.60 level.
I am quite positive on the second scenario as I see the UK getting this deal ahead but I might be wrong too so will enter ONLY after confirmation.
Anything is possible in the markets so trade with care and risk management.
This is not an investment advice.
I see an interesting scenario forming on this currency pair.
In case of a bearish outlook I'll be looking at the current trendline to break and have a corrective pattern forming and I'll be looking then to sell with the 3 Take profit levels marked. in terms of fundamentals a Brexit deal will definitely affect the direction of the sterling.
Bullish scenario is the one that I am liking the most at the moment as generally the more times a resistance or support are tested the weaker they become and with this trendline we can see a series of higher highs and higher lows moving towards resistance.
for a Bullish outlook I'll be looking to buy anywhere above the 8.40 level with the first obstacle around the 8.60 level.
I am quite positive on the second scenario as I see the UK getting this deal ahead but I might be wrong too so will enter ONLY after confirmation.
Anything is possible in the markets so trade with care and risk management.
This is not an investment advice.