The GBPUSD technical story is look like a tale from a classic Technical Analysis book. We broke through the monthly tenkan level (blue rectangle) with a powerful thrust on the daily from 11-15 October. We kept going up till we got to the high on 21 October. We then dipped and came up again but this time the bulls were just not strong enough and we made a lower high on 31 October.Since then we have broken through the daily Tenkan came down and today we seem to be testing this Tenkan break. If we get rejection and close below this level on the daily we take the trade to go down and test the monthly tenkan break (blue rectangle). After that then we go long but that's for another day,for now we do the short play.
Entry: one small position on daily close below the daily tenkan level (around 1.2872 area)
SL: Lower high 1.2989
TP :Slightly above the daily Kijun 1.2620
NB: Manage your risk appropriately
Entry: one small position on daily close below the daily tenkan level (around 1.2872 area)
SL: Lower high 1.2989
TP :Slightly above the daily Kijun 1.2620
NB: Manage your risk appropriately