It had been bearish for more then a week and I witnessed a short term resistance trend line (Orange) forming since yesterday and if it breaks through that expect a rally on the upside and maybe hit last weeks high in the long term.
Text in green is my take profit area.
It has developed a consolidation pattern but dropped right after nearing around the support line I set up (Pink). Hopefully that line will be respected and not breakthrough it in the mean time.
My position has activated and will hold this position for the long term.
Trade closed: target reached:
Due to the recent spike which could be related to the fact that Barack obama has given out sanction to Russia. I will close this position and wait for the market to hit around the 1.22000 levels again before I can jump in again.
The uncertainty with the situation in the UK (Brexit) will still be a factor to the pound being bearish.