Trade Idea Trading within a Bearish Channel formation. A break of bespoke support at 1.2341, and the move lower is already underway. Bespoke resistance is located at 1.2387. The bias remains mildly bullish but there is scope for a move in either direction at the open. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.2385, resulting in improved risk/reward. Expect trading to remain mixed and volatile.
We look to Sell at 1.2325 Stop: 1.2375 Target: 1.2225 Target 2: 1.2150
The analysis for this was written at 6:30am this morning, GBP has had a strong move higher, and given how oversold it is against a basket of other currencies, there is defintley scope for a rip your face of rally from here.
This is a day trade setup and clearly the trend overall remains bearish. If it is to fail, then I think it will happen around here. Let's see if GBP can finally get moving!
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Good luck.
fali4209
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I’m long from 12250 target 12340
fali4209
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RSI looks and other indicators showing as long but you have proven wrong before. Lol