MattViv

Not a new relative low - Bollinger Bands

Long
FX:GBPUSD   British Pound / U.S. Dollar
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Today's bar closed within the Bollinger band where previous have closed outside, so despite being a new absolute low relatively it isn't, thus potential reversal.

On the weekly chart the lower trend line was touched today joining up with the low of April 2015 and January 2009 thus a point of strong support.

240 we have a huge amount of positive divergence on the RSI against this new low.

Long. Initial target 1.4880. Stop loss 1.4623

Comments

Stopped 1.4623
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