Remarkable climb by the Pound recently. Brexit news has been somewhat positive lately, and the market likes it a lot! So much so that even bad economic reports are not causing any dips, smells like euphoria.
Bullish momentum seems strong, but in about to run into resistance zones. The red zones are shorting opportunities I will be watching. The green zones are initial Take Profit zones, but that will be adjusted based on price action.
Background My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was waiting for a pull back again
Last, I was looking for 1.2700 target which was hit and bounced hard
Which brings me to the current plan, looking for short entries
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Here we are at the first resistance zone. Looks perky enough to reach the next one up, which would be a more idea short
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Nice rejection off the first zone. Good old London Boys, run a bull trap at open, then slam her down. Watch, this is probably a bear trap they might swing up to the next resistance. But I am thinking not. .