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This is more of a mid-term trade as we are using the weekly chart. A short-term analysis will follow shortly after publication of this analysis.
GBP/SEK respected our bullish OB and closed last weeks candle with a rejection formation while hitting the 3D...
This is not a trade Idea, we hold position for a very long time for portfolio hedge book. we are aiming British pound to rise against SEK at least before summer and it also seems like a very attractive trade for now as few big players are planning to buy many stop losses.
The pair is trading within a 1W Channel Up (RSI = 71.320, MACD = 0.168, Highs/Lows = 0.2551) since the start of the year. Recently a new aggressive bullish leg has been initiated on 1D (RSI = 70.181) which aims at a new Higher High for the Channel within 13.2000 - 13.3000. Note that the very same 1W Channel Up was traded from September 2017 - April 2018.
Last post: May 19th 2018. See chart.
Review: Price was previously trending up but was below resistance levels.
Update: Price has since moved higher and is now above a previous resistance level after bouncing off the daily 50 simple moving average.
Conclusion: We want to see if the bulls can help to push price higher and break above the previous high.