The pound has exited the triangle formation on the H4 chart but has now returned to retest what was the upper limit of the descending triangle. Once finished, it might attempt to make another bull run towards 1.3200 and beyond.
Comment:
Your thumbs up and comments are much wanted and I am grateful to receive them.
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It appears the pair is giving a good entry for shorts unless it crosses and closes above daily pivot again.
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The price action reversed as I thought it would, now there are low chances it will return to 1.3101 today.
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1.3078 might be a good area to re-enter shorts
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The pair was pushed downwards by the golden cross (EMA200, EMA50).
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The bear run continues in the US session.
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The price reached the upper limit of what was descending triangle. It might reverse from this moment on and have a bull rally begin.
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The pair made a consistent retracement yesterday evening, but it seems it wants to retest previous low today.
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Nothing happened during FOMC release, though the price has this bullish feeling that one cannot ignore. Let's see what is going to happen during FOMC press conference and later after the current H4 candle is finished (london time).
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The price has spiked to 1.3089 after BoE Interest Rate Decision (Jan) was published.
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The price is 20 pips away from our target (tp1) 1.3200. :)
Trade closed: target reached:
Our target (tp1) 1.3200 was achieved Today. :)
