My bias based on the weekly closures on GBPUSD are quite bearish .
This is based on my technicals which based on the weekly time where we had two weekly closures which suggest the bulls have been losing to push price any higher.
Taking it down to the daily we have been making a series of lower highs and lower lows but yet to break the 1.30 even level which has been supporting price well in the past 8 week roughly. (Since February)
Therefore a break and closure of this level would suggest we are going back down 200 pips towards 1.28000.
My personal entry will be on the 4 hour time frame at minimum. Depending on structure I will have my stop just above the last high.
However on the other hand there is alot of room to the upside also to carry us back up to 1.33 level around 300 pips.
I will be monitoring price to see how it acts once we reach the support. If we get a spike with no pre warning on the 4 hour I will be looking for a retest of my TL to take us to my target of 1.33.
Fundamentally with brexit in my opinion the cable could make a recovery based on there being more time but who really knows with Brexit.
As it stands I am not entering until I get a break of this support.
This is based on my technicals which based on the weekly time where we had two weekly closures which suggest the bulls have been losing to push price any higher.
Taking it down to the daily we have been making a series of lower highs and lower lows but yet to break the 1.30 even level which has been supporting price well in the past 8 week roughly. (Since February)
Therefore a break and closure of this level would suggest we are going back down 200 pips towards 1.28000.
My personal entry will be on the 4 hour time frame at minimum. Depending on structure I will have my stop just above the last high.
However on the other hand there is alot of room to the upside also to carry us back up to 1.33 level around 300 pips.
I will be monitoring price to see how it acts once we reach the support. If we get a spike with no pre warning on the 4 hour I will be looking for a retest of my TL to take us to my target of 1.33.
Fundamentally with brexit in my opinion the cable could make a recovery based on there being more time but who really knows with Brexit.
As it stands I am not entering until I get a break of this support.