I think the price will continue up move to 5-months high 1.33. I have 2 scenarios where I will open entries.
1. Sell near 1.3300 after fake broke.
2. Buy near 1.3000
It is the best 2 places where we can open entries with low risk and reward in 5 or even more times bigger.
GU Struggled to make a hard reversal last week, but finally started showing the signs.
We are seeing it test and retest the resistance zone, but once it breaks down, this trade will move down hard.
Whilst I trade trend analysis, Brexit will be a major factor in this pair - watch for fundamental noise and volatility. Any chance to cover positions in profit will...
I think British Pound will move down because price made such huge absorption.
It shows that buyers don't have enough power to move price rate up. Also, there is a lot of uncertainty about Brexit and voting.
Near 1.2890 will be that best place to open Sell.
I see a harmonic bat pattern forming on GU, I'll be watching this trade to see how it plays out. 20 pip risk for 60 pip reward. Also a strong trend line on the daily chart has been holding so to me this is a high probability trade. Will likely take a couple of positions to shoot for lower targets.