The prior week has seen Pound caught in consolidation beneath resistance of 1.32 ( even with strong momentum) .
The bias is with the trend , and to enter a long position. ( 20 MAV > 50 MAV)
Looking for a retracement to enter long.
1. Enter - around 1.2870 ( confluence of 20 MAV and the Monthly S2 , with .382 retracement )
2. Target - 1.3450 ( confluence 1.27 extension and Monthly R4)
3. Stop - 1.2610 ( below 50MAV and Monthly S4 , 2+ ATR)
4. RR = 2+
The bias is with the trend , and to enter a long position. ( 20 MAV > 50 MAV)
Looking for a retracement to enter long.
1. Enter - around 1.2870 ( confluence of 20 MAV and the Monthly S2 , with .382 retracement )
2. Target - 1.3450 ( confluence 1.27 extension and Monthly R4)
3. Stop - 1.2610 ( below 50MAV and Monthly S4 , 2+ ATR)
4. RR = 2+