[GBPUSD] Short at daily high, but can take buy opportunity too.
*My idea about GBPUSD on last Friday was approved correct, while I didn't make trades last night because I wanted to pause to rethink about previous bad trades.*
Fundamentally, GBP plumped last night due to strong DXY and uncertainty about Brexit. I expect DXY remains strong after some level of retreat during the day and GBP would continue to be sensitive to any Brexit news.
Technically, the price has formed a Bat Pattern that potentially there would be appreciation against USD. However, as long as the price does not go over and stand firm against the descending trend line that was formed since April, we should always be cautious to take long position.
Possibility A: wait until the price goes back up to around 1.30185 then take short position. Take profit at around 1.29300
Possibility B: if GBP appreciates larger than our expectation, take short position at around higher resistance level at around 1.30850, take profit at around 1.29300.
Aggressive traders may take long position now to take profit at either 1.30185 or 1.30850. Stop loss at around 1.29500
Fundamentally, GBP plumped last night due to strong DXY and uncertainty about Brexit. I expect DXY remains strong after some level of retreat during the day and GBP would continue to be sensitive to any Brexit news.
Technically, the price has formed a Bat Pattern that potentially there would be appreciation against USD. However, as long as the price does not go over and stand firm against the descending trend line that was formed since April, we should always be cautious to take long position.
Possibility A: wait until the price goes back up to around 1.30185 then take short position. Take profit at around 1.29300
Possibility B: if GBP appreciates larger than our expectation, take short position at around higher resistance level at around 1.30850, take profit at around 1.29300.
Aggressive traders may take long position now to take profit at either 1.30185 or 1.30850. Stop loss at around 1.29500