This analysis is based on Cap & Handle pattern which can be drawn as shown with dotted lines, plus Fib extension target measured from the start of the new trend. Reaching 5.8 PLN per GBP is quite possible seeing the recent drop has now reached resistance level and 50% drop of the price rise, s/l below 75% would be a good idea, protect your capital is always a good...
Outlook could be both positive and negative (NEUTRAL), pricing shows now is not a bad time to convert GBP to PLN as we are at a neutral position in the market.
Scenario 1 - It could break higher but has some tough resistance to break through first, including breaking out of its current range
Scenario 2 - It could bounce back lower, keeping in its current...
We have had an impulsive move to the upside. Thus we need to wait for a correction back into a key level. Need to see 4hr rejections come from this level then I will be taking a long trade. SL at the invalidation level which is below the recent swing low. Target retesting the high and some continuation. Solid RR on this trade.
You have to be careful and analyze the price action before making the decision. We must think that nobody knows what will happen. I'm just trying to put the odds in my favor. Then the price will do what it has to do.
So let's see what happens.