wait to buy GBPUSD , there will be update of this swing trade.
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Current price action is driven only by algos and manipulators. It's classic selling we saw this year on cable (15 Feb 2019). Huge spike up without any reeason (just buying). And start 2 weeks of selling. I think that we finished period of selling, and expect on Monday next up to 40 pips down (1.26700 - many traders talk about this level) before next ride. At the end of May 1.32/34 at least. Wait with trade till first bullish candle on daily basis and enter strong long with SL below last dip. Or just buy any dip on Monday with SL. Forget about brexit, any news you can interpret bullish or bearish. Just follow the charts.
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1.2670 is huge level on many chart patterns, it's the last one that keep price in uptrend. All indicators shows that price is ovesold but it can show wrong signal. The most valuable information about last week drop is that weekly volume on GBPUSD was the lowest in this year (last time we have similar low volume with drop 15.08.2018) MFI daily very low with similar levels where rebound happened very soon. In the near past MFI so low on 15.08.2018, 30.10.2018, 13.02.2019, 26.04.2019 - before major rebound.
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Long in at 1.2732, sl at 1.2670, more longs to come.
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good till know, current price action support this trade, expect GBP bid together with USD sell - this will be main driver is the first part of move.
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today I expect dip on GBPUSD, and going to add more longs after price action, expect it till London fix.
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new longs @ 1.2680 and 1.2720, sl for all positions @ 1.2650, price action, charts and current news support my long trade
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add new long now @ 1.2745, sl 1.2650, let's ride.
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RSI, Stochastic on daily bassis support this trade now, today it was first attempt of ride with price stopped at 1.2814 - where it should at this moment. we can see rising volume, now we need time for market to change long term positions, expect some ranging at current levels with upside momentum. I decided to add more longs now cuz ride should be fast and supported by headlines. watch USD index.
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Based on current price action it's possible another up to 80 pips down tomorrow to 1.2590, before next ride up. Change SL at BEP. If hit, I will be openning new longs at the end of tomorrow NY session. Trade is still valid and will be strong, it's not smart to try to catch the dip, you can catch the train at 2nd station- it's long road ahead.
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some of positions stoped out at BEP, I expect spike till 1.2630 today, moved SL at 1.2610
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new long at 1.2635, this one with SL at BEP. current price action is very simillar to this one around 13 Feb this year, masive sell off, spike up on 13 Feb, next day new low, and ride up. I think we are at the same pattern. News about Brexit will be just trigger for ride tomorrow. Current price action after FOMC should turn into USD selling.
@trutrust, downward momentum is still extremely strong. it would be better to set breakeven stops for your current gu trades.
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@alexey-m, I don't think so, bearish momentum was broken today. I am afraid of SL hunt that's why I set SL at these levels. Stochastic, RSI, MFI on daily basis show start of uptrend, USD basket overbought, GBP basket oversold and today up (first time in last 2 weeks) I expect GBPUSD will ride on both factors - all in all no new dips (GBP or USD will be keeping price at least on current levels), even spike down can happen. SL will be moved on BEP in next days. Thanks for comments, your point of view with selling till 1.2815 is worth considering. There are always 2 sides of the market ;) Good luck !