Making The Right Decision On RE hit highs..
Hey Traders,
So the pound is going for a third hit in quick succession on a prev resistance zone. UK GDP news today did little to move anything at all and did not come at a suprise like the last inflation report and reaction from the UK Central Bank BOE..
WHY? Because there is no major downside sentiment whacking it down. That's why. Markets need impetus to make moves and you are lacking it at the moment. That is why falls have not been vicious and quickly rejected a local PA zones to the downside. There's no reason for it and not enough Poor GBP sentiment. We can however wait for a sentiment inflow to attain better prices.
That means if you are looking short you must do so lightly especially as the level also contains ONLY weak PA.
We can use our Key MA's smartly to determine where price is returning to reality off from the last harsh fall and fast rise. Closer to higgher MA's = better shorts and vice versa. The bottom Line as a channel on the chart describes where we can look to RE long on PA bounces.
And absolutely you are too late and do not want to be a buyer. These are previous highs and not previous lows and you are getting a far worse deal than if you were buying on a fall of 1/2/3% to the downside. Remember, you want to pick up a good deal and you do not want to be on the bad hand inside the GBPUSD Market.
Looking for shorts nearer circa 1.26+ Longs down lower nearer 1.20 Risk Averse.
So the pound is going for a third hit in quick succession on a prev resistance zone. UK GDP news today did little to move anything at all and did not come at a suprise like the last inflation report and reaction from the UK Central Bank BOE..
WHY? Because there is no major downside sentiment whacking it down. That's why. Markets need impetus to make moves and you are lacking it at the moment. That is why falls have not been vicious and quickly rejected a local PA zones to the downside. There's no reason for it and not enough Poor GBP sentiment. We can however wait for a sentiment inflow to attain better prices.
That means if you are looking short you must do so lightly especially as the level also contains ONLY weak PA.
We can use our Key MA's smartly to determine where price is returning to reality off from the last harsh fall and fast rise. Closer to higgher MA's = better shorts and vice versa. The bottom Line as a channel on the chart describes where we can look to RE long on PA bounces.
And absolutely you are too late and do not want to be a buyer. These are previous highs and not previous lows and you are getting a far worse deal than if you were buying on a fall of 1/2/3% to the downside. Remember, you want to pick up a good deal and you do not want to be on the bad hand inside the GBPUSD Market.
Looking for shorts nearer circa 1.26+ Longs down lower nearer 1.20 Risk Averse.
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Shorts above 1.26 Longs nearer 1.20