Looking into the 1hr chart seeing the following trade setup reasons:
1. 100ma 200ma cross mid session yesterday
2. Price remains in down trend and successfully broke the support line
3. 0.382 and 0.50 broken with ease
4. Generally bearish sentiment for GBP pairs
5. DXY strength over the past quarter - market sentiment clear for now
First hurdle for the drop from here looks like the 1.30 handle and then the 1.29577 if these targets break it is clear sailing to 1.2770
What are your thoughts on the logic above? Feel free to comment with adive or counter opinion
Note this is not investment advice, it is my own opinion and should not be considered advice or instruction to trade. Trading is at your own risk
1. 100ma 200ma cross mid session yesterday
2. Price remains in down trend and successfully broke the support line
3. 0.382 and 0.50 broken with ease
4. Generally bearish sentiment for GBP pairs
5. DXY strength over the past quarter - market sentiment clear for now
First hurdle for the drop from here looks like the 1.30 handle and then the 1.29577 if these targets break it is clear sailing to 1.2770
What are your thoughts on the logic above? Feel free to comment with adive or counter opinion
Note this is not investment advice, it is my own opinion and should not be considered advice or instruction to trade. Trading is at your own risk
Trade active:
Red swing area breached in combination with the above 5 reasons - Trade active with limited risk stop