GBP/USD LONG @ 1.28632. Missed the better entry signal at 1.28030 my system printed on 01/09 so my R:R is not-so-hot at 0.7. This one could take some time to reach T1 and I'm expecting a bunch of mood swings, per usual for Cable Pairs.
Morning all from Phoenix, AZ! Simple chart this morning showing the fib retracement levels and a support trend line. I expect the Brexit stuff to have more clarity before Monday and should see the pound bounce in my opinion. Have a great weekend all.
Cable has reversed strongly off long-term support at 1.27 to reverse the short term downtrend
Preference = go long with the trend reversal
Scenario A) price pulls back to 1.283 before continuing to 1.30
Scenario B) bullish momentum provides no short term dip-buying opportunities so wait
Trend is definitely up. You can clearly see the POI is in an upward trend. This is an indication that demand is present and price will continues to trend up. As a long trade set up, you can wait for price to retrace back towards the POI and set your stop loss at the POD.
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On the 4hr GBPUSD chart we see a bullish crab has formed. The D leg has drastically stretched. Look for bullish evidence before taking this trade. I expect the pound to recover and gain strength. All the best mates
Financial Markets behave similar to the ocean...it produces waves ...just as much as the ocean doesn't flow smoothly to one direction ...financial markets too have high or low tides...and a high tide in this case a bullish market is a series of lows and highs its not straight highs always :-) this has taken me soo much time hectic days, long nights,,,,,learning ...
Trend continuation trade. Price moving in consolidation. CHF have been weakeing since a few months because of its overvaluation. GBP might loose bullish sentiment as a whole but in my opinion will remain stronger than the cable. Breaking above consolidation. Targets 127.2% or 161.8% fib extension. Good Luck