The GBPSEK Breaks Round Number Resistance

We last posted on the GBPSEK on April 7th when price had broken out of a circa 4 month consolidation and was showing positive signs of developing into a neat linear trend. This is exactly what we want to see as trend traders as linearity offer opportunities to enter, and more importantly, compound.

Since our past post, the GBPSEK has continued to perform well. Last week, not only did price break and close above the drawn in pivot resistance from the start of April but also, as of Friday, price broke and closed above the round number 12.

These are strong signs of a bull trend continuation and, as a result, we are now looking for trading opportunities to go long.

As Thursday's bar did not close above 12.0000 and Friday's bar is simply a continuation bar, we now want to see price retest 12.0000 as a support zone and then enter on the next breakout, ideally in the form of a bull flag .

The SEK currencies are looking good with the EURSEK triggering long trades already with the recent move up, It would be very nice indeed for these move to develop into sustained trends, something that has been very much missing in FX since 2015. With the bull run in stocks from 2016 through to the start of the year, this has not been an issue but trends in FX are well overdue. Is 2018 finally the year?

We have positions loaded across several different pairs. It is now a waiting game to see which of these will perform.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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