-Fundamentally: The cable is expecting a rate hike from the BOE on "super" Thursday this week. Talks on the Brexit have had a positive note lately, plus no major UK news are expected so far which drives the uptrend. EU economic data have been lower than forecasted which triggered the price correction on the pound.
-Technically: The pair is following the Eliot triangle price correction (ABC) as you can see in the chart. It is supposed to break at least one resistance in the next few hours. Once we can break above and free of the 1.3250 level, the market should then go towards the 1.35 handle above.
I personally set my stops before R2. From that point will analyze the level of resistance and decide whether to long a second time or keep watching the market.
Remember: Not having a position is a position.
Good luck.
-Technically: The pair is following the Eliot triangle price correction (ABC) as you can see in the chart. It is supposed to break at least one resistance in the next few hours. Once we can break above and free of the 1.3250 level, the market should then go towards the 1.35 handle above.
I personally set my stops before R2. From that point will analyze the level of resistance and decide whether to long a second time or keep watching the market.
Remember: Not having a position is a position.
Good luck.
Trade closed: target reached:
Closed with profit. Watch the rest of the bulls.