so at present we are trading @ around the 141 handle of intraday support. After Thursday NY session hitting new weekly highs for the year into the 142.00 - 142.25 region.
a pull back was needed which came at the 142.25 handle through into the Asian session into Fridays London and continued slowly her descent through the day to the desired area which we sit @ now.
Previous structure from the left signifies that the potential area of next support is around the 140.70 price region which if holds i will potentially be looking to find a long trade around this price region. If we have a four hour candle close below this area the trade is invalid and i will re assess for new opportunities after confirmation of this.
the 61.8 fib entrancement sits nicely around my desired support area so as added extra confluence i will be watching this area very closely to try and find some extra confluence yet again for the long entry to meet my check list criteria.
Again fundamentals are weighing heavily on sterling at present due to more political unrest surrounding the Brexit negotiations and the playground antics and back stabbing within the UK government at present. it looks very unlikely that a no-deal is not likely and we can now see that being priced into the market through sterling bulls coming into play to send cable into the 1.30 region. without going into too much detail on the fundamental analysis i would just like to say that i am now going to try and post both technical and fundamental analysis on a regular basis with my trades so that traders can try to use this to advantageous prospect of the bigger picture of this assets class.
i will leave this hear and not go into the what i think around the US doller and how i see the US economy in the near term future performing. ill save this one for later in the week.
happy trading guys hope this helps a little with your own biases, actions and thoughts.
a pull back was needed which came at the 142.25 handle through into the Asian session into Fridays London and continued slowly her descent through the day to the desired area which we sit @ now.
Previous structure from the left signifies that the potential area of next support is around the 140.70 price region which if holds i will potentially be looking to find a long trade around this price region. If we have a four hour candle close below this area the trade is invalid and i will re assess for new opportunities after confirmation of this.
the 61.8 fib entrancement sits nicely around my desired support area so as added extra confluence i will be watching this area very closely to try and find some extra confluence yet again for the long entry to meet my check list criteria.
Again fundamentals are weighing heavily on sterling at present due to more political unrest surrounding the Brexit negotiations and the playground antics and back stabbing within the UK government at present. it looks very unlikely that a no-deal is not likely and we can now see that being priced into the market through sterling bulls coming into play to send cable into the 1.30 region. without going into too much detail on the fundamental analysis i would just like to say that i am now going to try and post both technical and fundamental analysis on a regular basis with my trades so that traders can try to use this to advantageous prospect of the bigger picture of this assets class.
i will leave this hear and not go into the what i think around the US doller and how i see the US economy in the near term future performing. ill save this one for later in the week.
happy trading guys hope this helps a little with your own biases, actions and thoughts.