GBPPLN - has dropped into a critical supply level area. It is expected based on technical inference that we go up from here. GBP oversold as well and will pop with the Fed rate cut expected on July 31st. Excellent Long Opportunity.
Best regards and GLTA,
OakTree Capital scrl
The price has crossed into (and naturally/ technically rejected) the long term 4.9427 - 4.9877 Sell Zone on the Monthly Chart (RSI = 50.902, STOCH = 54.497 on mixed MACD = -0.093, Highs/Lows = 0.0464, B/BP = -0.0035). This calls for an optimal sell opportunity with a long term TP = 4.7600. The Buy Zone is illustrated on the dashed green lines for those who wish to...
GBPPLN is trading on a rigid 1D Channel Up (RSI = 56.437, MACD = 0.018, B/BP = 0.0207) and has recently priced a Higher Low (Highs/Lows = 0.000). Technically the price should aim at a Higher High near 5.000. Long, TP = 4.95100.
Standard Channel Up on 1D (RSI = 60.481, Highs/Lows = 0.0701). The Higher High is near 5.0400 but we will take a less aggressive (in accordance with the low MACD = 0.024, B/BP = 0.0699) long with TP = 5.000.
Not going to bore you with lines and patterns. GBPPLN is going to be bearish on Monday 7th May 2018. Thank me when it does. Very unlikely chance it doesn't you get an easy haha moment. I will be bearish following the Daily Chart on this instrument.
The 5 and 50 is your friend.
SL: 4.84614 (Enough room to allow a test of previous high which is very unlikely)