Red zones indicate resistance, Green zones Support. Ideally it will spike one more time to a red zone above. If not, then I will look for support to break and retest from below.
In the bigger picture: We completed a 5 wave down move. We in an ABC correction, which might be done.
Of course. political news and Brexit issues will cause spikes in both directions. But in general I do not see any ''good'' news coming soon. Plus I really doubt a rate hike is coming anytime soon.
BEWARE: Trading the Pound requires SMALL Lot Sizes with BIG Stop Losses. She will hunt your stops like a hound chasing a fox. She will trick you, abuse you, and leave you broke if you are not careful. Oh wait, did not mean for it to come out like that, just meant this currency is dangerous to trade.
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Entering my first Red zone, but looks like it will blow through it. Watching closely, dont really want to here anyway, hoping for higher.
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There is definitely some resistance here watching closely. .