The cable appears to have completed a medium term bottoming pattern ( H&S
or rounded depending on your view). MACD
has turned higher and RSI
is not yet oversold, ROC
is gaining upward momentum. The pair has also issued a buy signal on the 3 box Point and Figure chart with a measured target of 1441 pips and stop loss of 555 pips. I will enter long at market open on Monday morning using those values.
I am a longer term trader and this trade should be expected to last 3 - 6 months if successful