Hello
Bro what’s ur opinion now about the market ?
zuoertai
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@rameezcfa, Sorry I just saw your message. For today I would stick with looking for opportunity to go short. Both fundamental and technical sides suggest this plan.
Erland
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Hello,
The support is where a lot of stop losses are set. If it gives up - it will be a very fast drop. I would not advise going long on this pair until Dec 11 vote. Everything goes negative for GBP currently as May does not wish to withdraw from Brexit and hat was a last chance for a GBP recovery most likely.
zuoertai
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@Erland, Yes you are definitely right! That's why I said I would only go long if this support "holds". I guess you are also waiting for the short opportunity today too :)
Erland
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It will be hard to see if it holds or not as buyers will be fighting for that zone and we may see some quick recoveries which may seem like support was holding well but in fact it may be just a seller profit taking and reload before a big drop to 1.25 area. there is no support then until 1.19. For a short position I am waiting for a similar spike we had last 2 times. See 1H bollinger band form for the last 2 cycles - and see the jump on each, so I expect the same for the third time. This time it should be bigger than second as second was bigger than the first one and based on that - the spike should terminate around 1.285 where the bigger resistance is and where the bollinger bands should start putting pressure on the price.
Bro what’s ur opinion now about the market ?