I personally disagree with the position, and I believe a long is better suited. I'm personally making an analysis on the 4hr timeframe, and we can see a clear uptrend, something which I recommend to follow; trade how the market moves not how you want it to. I would personally like to see a small retracement to the downside to some structure 1.18400 before going long again. If you look on the h4 you could see a head and shoulders pattern the 1.18400 is essentially the neckline in my own personal opinion. I would have my TP around 1.20200.
But Bank of England has a speech Monday which will greatly influence the currency, so time will tell!
BenFxLDN
⋅
@danieljamesfx, ermmm well the way its moving is collectively and there is a clear slowdown in bullish momentum but this is what i love every trader is different, and as u said time will tell.
But Bank of England has a speech Monday which will greatly influence the currency, so time will tell!