With the US Dollar index still showing signs of weakness, I will still be Long the Pound, however, I’d be cautious of the approach until I can see some form of rejection from the Daily support, then I’d start looking for an entry Long.
My overall bias is still LONG and to see price action hitting $1.3400 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, or Indices.
Market Structure: This is classified as any group of placed together with the use of Support, Resistance and . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.