Everyone knows about the GBP volatility burst since UK PM announced that he wants a Brexit deal. Pound seemed to fall like crazy till things got better in October.
The British currency found some trust from investors who aren't confident about a GBP plummet yet, and started buying it. However sellers - that already won the positional rivalry - show their strength at certain levels. All these factors causing GBP pairs to be difficult to read and, as it is wanted, to be traded.
In this trade idea I want to show you a level of support I was longing to see it vulnerable. It's the cross of two major dynamic S/R levels that seem to somehow be vital for the market. GBPUSD is in a rally right now, so once it corrects to the opposite side I'd like to place my Buy Limit around cross of the trendlines.
Why do I consider this level to be special? [-] Dynamic S/R [-] 1.30 Big Figure [-] Previous 4H Highs [-] 50% of current swing
All these reasons make me consider this level as a nice entry level from where I would like to see price hitting 1.31700-ish zone.
Hope you liked my idea! Feel free to comment your own ideas below!
thanks for sharing! this is what I see on GBPUSD :
ridethepig
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Good luck mate... on the opposite side to you this time!
GeorgeZii
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@ridethepig, hey sir, thanks for commenting! I watch all your speculations/ideas closely on TradingView and Twitter. My general bias on GBP is bearish; however, since both UK and EU are willing to discuss it further and not quit talks after 15 Oct. I have no immediate reason to be short on GBPxxx. My trade setup is urgently invalid once I see tensions between two negotiating sides.