After making some nice profits last week and closing for the weekend; I believe we will still see further downside for the Beast that is GJ.
Weekly outlook shows we are @ a 3rd attempt to break the major Bearish trend line. Daily has had 2 attempts without success; printing daily bearish engulfing rejections. Weekly Fib is at the golden 61.8 for GJ; only further confluence for this area to go short. A major consolidation @ this point; coupled with the unsuccessful attempts to break; indicates the Sterling is not going to win this war.
4Hr breakdown shows some nice PA to the downside; using 1 hr for entry.
If we reach the 139.8 area; i will be looking for further shorts.
Please note GJ is an absolute animal; and this area is of high risk. we are still in " no mans land '" onme poush to the upside and we are in long territory.
Short - 139.8 Stop Loss - 140.2 TP - 135.2
Break of 140.2 and we could see 142.00
Happy trading!
Trade active
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A further short was added @ 140.5 - As price respected the Trend Line. as seen in this screenshot; a key pivot point and reaction zone for the current wedge is 140. Bulls may be looking to long from this area; however TA still indicates a bearish setup for the moment. price coiling is also indicating the leadup to a major move; will be an interesting end to the week
Comment
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Trade closed back at trend line. Brexit pressure forces retailers to FOMo and drove price up to 147, before current retrace driven by gold bull run and Corona Virus fears. Potential Long opportunities at current levels
Stopped out - however still providing short opportunity under 140.55... break of this level will break large weekly trend line and we are in full bull territory