GBP is in a very dangerous move at the moment having not being able to break through 1.399 (and even 1.396 on Friday)
With the rising negative COVID news and possible rising DXY, I would consider to short GBP for now but keep eye open for this week's US data (many!)
Pound should rise a bit to correct last Friday's waterfall. Although I don't think that was a 'huge' fall comparing with the levels of rises it achieved last week, it does need to correct a bit to allow further movement.
Entry: previously broken resistance 1.3904 ; or if you are eager to enter, it can be 1.3898; I'd prefer to enter at 1.3904, better not hit than hit and it continues in unexpected direction
SL: above previous resistance 1.39123, you can consider 1.3922 which is above quite a few higher time frame MA so should be very safe.
TP: Fib based. considering the SL, I don't think it's greedy.
GL
With the rising negative COVID news and possible rising DXY, I would consider to short GBP for now but keep eye open for this week's US data (many!)
Pound should rise a bit to correct last Friday's waterfall. Although I don't think that was a 'huge' fall comparing with the levels of rises it achieved last week, it does need to correct a bit to allow further movement.
Entry: previously broken resistance 1.3904 ; or if you are eager to enter, it can be 1.3898; I'd prefer to enter at 1.3904, better not hit than hit and it continues in unexpected direction
SL: above previous resistance 1.39123, you can consider 1.3922 which is above quite a few higher time frame MA so should be very safe.
TP: Fib based. considering the SL, I don't think it's greedy.
GL
