Since brexit cable has been trading in a well defined range which is marked out including the 50% level as this is a key level to me.
Price made a uptrend which recently break signalling to look for shorts.
a perfect entry was provided when price made 3 confluences:
Price rallies into the 61.8% level of the down move that broke the uptrend
price rallies into the 50% equilibrium level of the brexit range
price rallies into the breaker
Was a really nice entry to catch if you caught it on thursday, will be looking to short on a pullback if we get one in to the 50%
fundamentally, the pound has been weaker since speculation that the UK is being pressured to trigger article 50 sooner than expected which could help create more short opportunities in the week ahead.
Comments
gdf_fx
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didnt enter. nice example of fundamental value, cable paying no mind to dollar current bullishness. even reversed the fall back into the 38.2 retracement and made some new highs. longs around 1.31774 would be a good target to capitalise on the bullish cable. tp1 would be 100% retracement of the down move and tp2 would be the post brexit range resistance. stop would be 50% 1.31178