The level is currently at the same level than one year ago, and definitely it's struggling to continue going lower. From the technical point of view there are there is a clear diversion in the RSI and there is a double bottom pattern form in the last weeks. Now I am wondering if the price could continue going much lower? or is finally a bottom and the start of an important up move? Well... looks interesting and we will find out the answer in the upcoming weeks.... or how knows, maybe even this week ;-)
The GBP didn't even reached the down trend line and seems that the support is not strong enough to keep the price, therefore is very probable that the price will continue its down move...
When and if You decide to enter the trade will depend on the break of the trend-line plus eventually a retest or maybe according to a candle formation what can I say a Pin bar or engulfing or others? thank You
Hello, my strategy is wait the daily breaks, then I wait for the retest in H4 (rarely H1 as the market could extremely change from one hour to other) and as you said the best way to get your entry point is by having a candle stick that proves it (pin bar, engulfing or any other change candlestick pattern) in the residence/support areas, also the daily pivot points gives you interesting entry areas (for that I use the following indicator https://www.mql5.com/en/market/product/6791)
Nice strategy I will keep following You to see and if eventually You are going to enter this trade. I was reading that at the moment it is very risky buying the pound because of the Brexit Thanks for your answer
I trust in my method and not in the noise of others... in this case my method is giving me entrance then I enter. I am not scared to lose because is part of the trading... so my advice to you is, avoid as maximum the rumours, polish your strategy and trust in it 100%