So what we can see here, the British pound has spiked throughout all currency pairs today which is the 04/02/21.
The main cause to this i believe is 'BOE Rapid U.K Rebound Following Johnson's vaccine push' news headlines.
But as we can see here the price has pushed up as far as our resistance zone. Now if price carries on to be bullish and continues to push upwards with momentum and break through our resistance zone then we will cut our losses here and recoup.
But from analysing the chart i believe that we could potentially see bearish momentum and see price drop as far as 1.35800.
im entering this trade now at the following:
ENTRY 1.36600
SL: 1.36960
TP: 1.35800
The main cause to this i believe is 'BOE Rapid U.K Rebound Following Johnson's vaccine push' news headlines.
But as we can see here the price has pushed up as far as our resistance zone. Now if price carries on to be bullish and continues to push upwards with momentum and break through our resistance zone then we will cut our losses here and recoup.
But from analysing the chart i believe that we could potentially see bearish momentum and see price drop as far as 1.35800.
im entering this trade now at the following:
ENTRY 1.36600
SL: 1.36960
TP: 1.35800
Comment:
Price broke above our resistance zone therefore we have cut our losses and will look for a re-entry soon.