Awaiting a pull back and an exhausted bull candle to trigger a sell. It isn't clear if price will simply continue down or pull back to allow an ideal entry however keep an eye out as price approaches the 50% fib as it's likely traders will liquidate short positions which will allow for a pull back and re-entry to the downside.
Brexit fears and what I expect will...
After the UK manufacturing PMI slipped into contraction and the refferenum getting closer I expect to see the GBP/USD return to the downside. The technicals suggest a 50% fib pull back is on the cards and that is what I will use to enter this trade. Using above the 76% as a stop loss and the previous strong resistance level at 14400 as my take profit
My first so simply idea. Pure Sentiment. ---- Elections and Scot Ref are priced in real late (the night before!) ... Brexit is different. GBP is strong, especially against a muddled USD ... BUT sentiment around the Brexit issue is so very nervous. What will trigger the main decline even if months away? Carney today may be that trigger? Look what Boris's political...
The PMI reading have still been off target for the UK which is weighing on the GBP. we expect to see continued downside to 14400 where support should kick in and cause a degree of consolidation until then we are looking for resistance levels to enter for a sell the next being at 14800. Learn to trade like a pro boafx.com
