Looking at a basket of Sterling pairs on a variety of time-frames.
(You can add this to your own watchlists by copying this code: GBPAUD*GBPCAD*GBPCHF*GBPJPY*GBPNZD*GBPUSD*GBPEUR)
There appears to be some evidence of a bottom shaping on the 4-hour chart.
Expecting a bumpy ride with Sterling, but I believe the Risk/Reward is looking favourable in the short...
You can see price hit a 4H high and has dropped so we are expecting 70 pips of bearish movement before the next support area. We are placing SL just above these highs.
GBP has been eating steroids today and needs a break or a pullback so Jump on it quickly.
- STRONG BULLISH CANDLE BROKE ABOVE THE 1.88500 LEVEL ON 4 HOUR CHART
- PRICE RETESTED THE 1.88500 LEVEL ON 4 HOUR CHART
- PRICE PULLED BACK TO THE 50% FIB LEVEL
- 3 WICKED REJECTION CANDLES PRINTED ON 1 HOUR CHART (SHOWING RESPECT TO THE 5O% FIB LEVEL)
- PRICE STILL IN AN OVERALL UPTREND (NO LOWS HAVE BEEN BROKEN