Happy Monday Traders,
New wee, New Goals let’s get into it. Currently Pound Sterling seems to be correcting the entire move that NFP has given us on Friday, It seems that price is continuing the overall near-term bullish trend which could see price create a new higher high.
Currently, the price is trading at 1.21150 which seems o be breaking into the new zone, I will need to see the current 4-hour candle maintain its current momentum and close in the new range. My target is at 1.23250 which will be a new higher high but also a strong resistance that has not been retested since price has been creating higher highs and higher lows.
Looking on the flip side, I do think price respect the current head and shoulders pattern which is being created. If price does respect this level then we could see a fall to around 1.1800. I will then change my bias. For now, I am sticking with the current momentum to catch a move, If price does break above into the new trading range and then proceeds to break back below, I will then be out of the long position as soon as I can.
Wait for this current candle to close before doing anything.
Renaldo Philander.
New wee, New Goals let’s get into it. Currently Pound Sterling seems to be correcting the entire move that NFP has given us on Friday, It seems that price is continuing the overall near-term bullish trend which could see price create a new higher high.
Currently, the price is trading at 1.21150 which seems o be breaking into the new zone, I will need to see the current 4-hour candle maintain its current momentum and close in the new range. My target is at 1.23250 which will be a new higher high but also a strong resistance that has not been retested since price has been creating higher highs and higher lows.
Looking on the flip side, I do think price respect the current head and shoulders pattern which is being created. If price does respect this level then we could see a fall to around 1.1800. I will then change my bias. For now, I am sticking with the current momentum to catch a move, If price does break above into the new trading range and then proceeds to break back below, I will then be out of the long position as soon as I can.
Wait for this current candle to close before doing anything.
Renaldo Philander.