Should be interesting to see where price starts as the markets open back up again. My predictions are that this pair will continue on the downside and could be quite a smooth and big move. GBP corrected its price on most pairs last week and now sits nicely to continue with its downtrend as the buyers appear to have lost their strength.
Looking for a bounce off the downward trendline to create a new lower low and break through the highlighted red area. A breakthrough of this will be worthwhile holding onto.
135.550 area should now hold up as a resistance with being a previous support. 5&20 Moving averages are sitting nicely with the downtrend and daily price action looks good for the short trade.
Cheers.
Looking for a bounce off the downward trendline to create a new lower low and break through the highlighted red area. A breakthrough of this will be worthwhile holding onto.
135.550 area should now hold up as a resistance with being a previous support. 5&20 Moving averages are sitting nicely with the downtrend and daily price action looks good for the short trade.
Cheers.
Trade active:
30pips in profit just now. Keen to let this run towards the red zone highlighted and monitor from there.
Trade active:
Has taken its time but now 60pips in the profit area. On towards 134!