Local PA levels and lack of impetus VIA employment data have kept GBP where it is..
But there's more. And ya gotta plan for it.
Watch on.
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Looking for shorts higher up as we approach KEY PA levels noted.
If you are scalp shorting before then it must be light.
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Exit any scalp shorts.
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Sideways LOW Sentiment movement...
Tomorrows Budget may affect GBP so eyes must be on news.
remember to NOT guess news events.
Trade the market reaction.
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For those who aren’t familiar with U.K. politics..
Budget likely just after 12:30 GMT.
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So since 5 GMT 13th MAR there has been silence....
Normally that is what happens prior to the storm. But we don't guess the weather and we are still looking 1.23+ for shorts and a far larger fall for longs.
Stay posted.
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Exit longs taken as per video on the bounce for gains.
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Look to re long light and take early exits.
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So longs mention at mid level PA zones spot on.
Margins are very tight and the market remains for SCALPERS.
Use risk averse zones higher up on rash moves (if they come) as shown.
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Trade falls to current area very lightly with EARLY exits.
Margins are tight so you need to be in and out.
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EXIT longs.
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Scalpers can lightly short impulse moves up.
Risk averse go for 1.23+ level
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remember light shorts as we close out early exits.
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Looking for 1.229 / 1.23 Monday IF we can get it. Otherwise we just wait.
Hope to see newbies onboard the academy and we go again Monday trading GBP!
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Just to RECAP what went on last week...
We have sentiment inflow from UK budget and other events dragging GBP down to key support 4H.
We pre planned this and knew where buyers would scale in based on key PA rules.
We then exited at prev short zones for gains.
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Shorts approaching 1.2285 do take note of news events coming this week.
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Looking short now.
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Exit 30 pip gain.
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NOTE how we are rebounding. EARLY PA levels on LOWER TFs are always good to note for the best possible exits
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GBP news coming London session tomorrow.
Looking short on rises 1.224
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Lightly short the rise
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RE short 1.23 LIGHT
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Exit all shorts for intraday gains.
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Re short lightly for early exits.
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Bias Remains lightly short for GBPUSD do NOT massively short and try to guess the BOE meeting outcome in an hour or so.
Room much higher for shorts on a rise but would need a harsh move up.
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Exit all light shorts taken on current bias.
Hold off risk averse longs until radical drop.
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Current PA Zone has become MINOR due to poor PA. Only light shorts and Risk Averse above Prev highs.