SELL LIMIT order activated for a 3.4:1 Risk/Reward.
Previous intraday support level broken and testing.
D1, H4, H1 exhibit downtrend qualities implying a continuation down to $1.211 before price is re-evaluated and orders are filled.
Will be looking around 0.973 to see how price reacts to the previous intra-day range.
If there is slow, unsustainable bullish momentum it signals to me that there could be a rollover down to the 0.968 region which was a prior level of demand.
Multiple time frame confluence pointing towards a bearish bias. H4 has multiple wick rejections at the 78.6% Fibonacci region, in further confluence with the previously broken trend-line structure.
Positive carry trade.
Daily chart showing signs of closing with a tweezer top candlestick formation, in confluence with the 61.8% Fibonacci retracement level, and the daily descending trend-line region.
Negative carry trade, so plan accordingly! Risk management is essential, always.
Although a purely technical based trade, it should be noted that important economic factors will be coming into play in the upcoming week in regards to Theresa May's plan B deal, which is to be voted in the houses of Parliament. We also have GDP Q4 readings for GBP which is predicted to be a weak number following a slow-down in the manufacturing sector in January....