GBPUSD Intraday - We look to Sell at 1.1898 (stop at 1.1951) The medium term bias remains bearish. Previous support level of 1.2003 broken. There is scope for mild upward pressure at the open but we look for selling interest to resist gains. Preferred trade is to sell into rallies. Our profit targets will be 1.1744 and 1.1700 Resistance: 1.1900 / 1.2003...
BASED ON MY ANALYSIS WE COULD PUT THE PO SELL LIMIT AROUND THE RED HIGHLIGHTED FIBO AREA IN BETWEEN 61.8% - 50% WOULD MAKE A GOOD TRADE SETUP. THEN THE FIBO LEVEL RANGE IS ON THE SAME LINE AS THE TREND LINE WHICH IS PARALLEL TO THE PREVIOUS LOWER HIGH. BUT WATCH OUT FOR THE BREAKOUT ON THE TRENDLINE , THE NEWS BOE ON "Average Earnings Index 3m/y " MIGHT HAVE...
PRICE BROKE FROM THE MAJOR SUPPORT TREND LINE. WAIT FOR PRICE TO JUST TOUCH THE 0.618 FIB IMPORTANT LEVEL (1.77927). PLACE A BUY AT 1.7700 WITH A STOP LOSS AT 1.77530. NO PROFIT TARGET. FOLLOW THE NEW TREND AND LET THE PIPS COME TO YOU.
GIVEN THE UPCOMING NEGATIVE BREXIT NEWS, I BELIEVE WE ARE SEEING THE 'BIRTH' OF A LON SHORT TREND. 'JUMP ON THE BOAT' FROM THE PREVIOUS MARKET LOW OF 1.23500.
Short Pound weakness with GBPAUD