As usual, nobody cares about fundamentals here, only technicals. UK / US politics + Brexit rhetoric this week. Theresa May this Friday may give some boost to GBP to the upside (even though there are more downside risks).
Technically, 1.3770-1.3880 is very strong demand zone, so you can buy the dip there or TP if you are short.
If price breaks 1.3770, next significant support is at 1.3600.
EURGBP is also edging upwards so it may limit GBP downside on GBPUSD.
BOE is very hawkish so some serious Brexit drawbacks are fundamentally required to reach 1.3600. It seem USD alone won't be able to do it.
tntsunrise
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@David.toth, fundamental is our friend. we don't need to guess whether the USD alone is able to do it or not. it just happend. Trade what you see, the news will either give us a big win or a small loss.
david.toth
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@tntsunrise, Yeah, true. :) I just need to set realistic targets in my trading because I take all money off at TP1 and rather re-enter on the bounce, than waiting for 1.3600 which may be too optimistic. I know some others leave 50% on the table at TP1. But your arrows show the same levels so we are talking about the same thing. :) So for me, fundamentals are also important in determining levels / targets. It's an extra layer of security.
@David.toth, leave 30% for the potentially BIGGER ride.
faisalmd29
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@tntsunrise, Bro when U show any trade/idea no matter what I always do that trade sometimes I lose small amount of money but most of the time win big money
Great pro Jack
@tntsunrise ...I know i might be asking too much but can you please share possible TP?!!
Entry and SL i'm personally sorted.
thank you
BeFinanceMate
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@mkhize12, Hi, from persona point of view, recent time, it is a little bit difficult to tell u about entry and sl levels, becaous nobody knows how much will it go down or up during pullbacks or pullups. we may see wrong breakdown or sth like this. So, we should wait for clear movement of the market, it will tell itself when it breaks triangle, up or down, thanks!!
Technically, 1.3770-1.3880 is very strong demand zone, so you can buy the dip there or TP if you are short.
If price breaks 1.3770, next significant support is at 1.3600.
EURGBP is also edging upwards so it may limit GBP downside on GBPUSD.
BOE is very hawkish so some serious Brexit drawbacks are fundamentally required to reach 1.3600. It seem USD alone won't be able to do it.