Key question - now that Brexit deal has passed what is the reality for sterling?
Pre-news we saw a rally, post news we see price maintain the 1.36 level but future mid/long term direction too early to say and we will run into next year to find out whether cable has legs (or not).
In this plan, the scenario is that the deal gives a way out of EU but one with holes and uncertainty thus the expectation is that price action will rise to break recent highs (post news hype) but inevitably a retest of the psychological 1.35 handle is needed (or below if broken) before further bias on direction can be established.
Super volatile pair so will be keen to see some confirmation of reversal within the sell zone and a 3:1 risk/reward at a minimum before shorting.
GL and HNY
Pre-news we saw a rally, post news we see price maintain the 1.36 level but future mid/long term direction too early to say and we will run into next year to find out whether cable has legs (or not).
In this plan, the scenario is that the deal gives a way out of EU but one with holes and uncertainty thus the expectation is that price action will rise to break recent highs (post news hype) but inevitably a retest of the psychological 1.35 handle is needed (or below if broken) before further bias on direction can be established.
Super volatile pair so will be keen to see some confirmation of reversal within the sell zone and a 3:1 risk/reward at a minimum before shorting.
GL and HNY
Trade closed manually:
took partial profit 50pips however this went down further after a 76% pullback
Trade closed manually:
1.35 reached