Another potential reversal here. A glimpse on the daily chart hints that sellers may be regaining control of price. However, for this trade to be executed, I would have to be persuaded that buyers are in control of price, and keep my eye on the candles close today and its movement tomorrow.
Strong bounce can be seen around the 0.74500 area. Buyers have already made their move upwards, however, to consider this as a viable trade I would have to be sure that buyers are in control of price, and therefore for todays candle to close above yesterday's highs. In addition, be aware of the consumer price index report that may have a big impact on this trade.
Strong rebound seen here on the daily chart. Before I look to enter this trade, I would have to be sure that sellers are in fact in control of price. Therefore I will keep an eye on the lower time frames to gauge confirmation, and look to enter on the daily time frame.
Finally a long position. Price has rebounded nicely from a strong support area, and looks as though it has hopes to continuing higher. I believe that buyers are taking control of price on the lower time frames, and their long positions are beginning to show on the higher time frames. Will be holding this position.
A little bit late to the party as price has already pushed up passed my desired entry. However for me to still consider this a trade to take, price would have to retrace back down slightly to a more favoured entry to benefit my risk to reward ratio. In addition, if I were to enter toady it would likely be on one of the lower time frames, but if I were to enter on...
Sellers seem to be in control of price as it rebounds strongly from the 1.75554 are. However, at 14:15 the GBP inflation report hearings will commence. Therefore a tentative approach to this trade is key. Updates will follow in regards to my entry.