GBPUSD's journey to 1.2550 in March?
Similar to EURUSD, GBPUSD's rise last week was quite strange. I expected a pullback to the 1.2950 but GBPUSD reached even higher breaking the 100D EMA and also the BEARISH channel in the process.
However, this rise is due to US Dollar sell-off and not GBP strength which makes it possible that the entire rally will fade in the weeks to come.
So, if I see GBPUSD facing resistance in the 1.3050-1.3100 zone, I will sell multiple small lots of GBPUSD@1.3050-1.3100 with SL above 1.3180.
TPs can be placed at 1.2960, 1.2850, 1.2730 and 1.2550
However, this rise is due to US Dollar sell-off and not GBP strength which makes it possible that the entire rally will fade in the weeks to come.
So, if I see GBPUSD facing resistance in the 1.3050-1.3100 zone, I will sell multiple small lots of GBPUSD@1.3050-1.3100 with SL above 1.3180.
TPs can be placed at 1.2960, 1.2850, 1.2730 and 1.2550
Order cancelled:
GBPUSD didn't face any resistance and shot through it. Trading set-up invalid.
Technicals nor Fundamentals will work here. Just stocks and money flow into bonds will determine where currencies move. I advise everyone to stay away until things get stable
Technicals nor Fundamentals will work here. Just stocks and money flow into bonds will determine where currencies move. I advise everyone to stay away until things get stable