Can clearly see the support area from this pair has been respected before and looks to be doing so again. The D1 chart candles are providing strong pinbars suggesting we are going to see the bulls take control. Monitoring from the 4H chart, it could be worth entering at any time now for more reward.
Personally I will be waiting for maybe a strong bullish candle...
Annoyingly late to this party from selling the pound all last week, this doesn't mean we cant benefit from it now though! new lows have been hit and there is lots of room for the price to move into. The price broke through its bullish trendline and has respected it on the other side before a huge drop from the news last week. I cant see anything other than 104.65...
Seems to be a tight price channel forming for this pair. I still predict this to go long, especially when the blue highlighted zone is broken. Posting this update for anyone who wants to get on this trade and looking for a good entry level. If the price bounces to the lower trend line and holds, enter.
Predicting GBP to suffer over the next few days. Previous resistance has turned support and held. Interesting to look at weekly and monthly charts for this pair and other, plenty of room to move.
Boris can't save the pound!
Bit of weekend analysis, Trend channel forming well on the upside. Aware that US Dollar gained strength in alot of pairs but what goes up must come down and vice versa, USD is oversold at this moment. Expecting to see price correct itself to the blue highlighted area which is our target to meet with the 50 MA.
Plenty pin bars from 4H suggesting price is going in the upward direction. Resistance was tested yesterday and reached a new high before coming right back down. Plenty of space for the trade to move into. 132.000 area will be targeted I believe.
Wait for close of 4H chart before entry.
Ok, going to throw in a little education from a trade I got on earlier. Nothing overly special from this trade. 30 pip move (and counting hopefully, the trade is still running).
First of all, I always draw my Fibonacci tool from top to bottom, never bottom to top but I appreciate there are people who do otherwise.
So drawing from swing high(0.90517) on the 1H...
Red area highlighted has been a long standing support for this pair for a very long time. There has been a bounce from the last 4H, hopefully this will rally to the trend line.
Update to follow when entry is made.
Should be interesting to see where price starts as the markets open back up again. My predictions are that this pair will continue on the downside and could be quite a smooth and big move. GBP corrected its price on most pairs last week and now sits nicely to continue with its downtrend as the buyers appear to have lost their strength.
Looking for a bounce off...