Everyone knows about the GBP volatility burst since UK PM announced that he wants a Brexit deal.
Pound seemed to fall like crazy till things got better in October.
The British currency found some trust from investors who aren't confident about a GBP plummet yet, and started buying it. However sellers - that already won the positional rivalry - show their strength at certain levels. All these factors causing GBP pairs to be difficult to read and, as it is wanted, to be traded.
In this trade idea I want to show you a level of support I was longing to see it vulnerable. It's the cross of two major dynamic S/R levels that seem to somehow be vital for the market. GBPUSD is in a rally right now, so once it corrects to the opposite side I'd like to place my Buy Limit around cross of the trendlines.
Why do I consider this level to be special?
Dynamic S/R
1.30 Big Figure
Previous 4H Highs
50% of current swing
All these reasons make me consider this level as a nice entry level from where I would like to see price hitting 1.31700-ish zone.
Hope you liked my idea! Feel free to comment your own ideas below!
Pound seemed to fall like crazy till things got better in October.
The British currency found some trust from investors who aren't confident about a GBP plummet yet, and started buying it. However sellers - that already won the positional rivalry - show their strength at certain levels. All these factors causing GBP pairs to be difficult to read and, as it is wanted, to be traded.
In this trade idea I want to show you a level of support I was longing to see it vulnerable. It's the cross of two major dynamic S/R levels that seem to somehow be vital for the market. GBPUSD is in a rally right now, so once it corrects to the opposite side I'd like to place my Buy Limit around cross of the trendlines.
Why do I consider this level to be special?
Dynamic S/R
1.30 Big Figure
Previous 4H Highs
50% of current swing
All these reasons make me consider this level as a nice entry level from where I would like to see price hitting 1.31700-ish zone.
Hope you liked my idea! Feel free to comment your own ideas below!