I've been stalking the potential GBP long opportunity for a while, pretty much all the pairs are corelating (eg. GBPUSD,GBPJPY,GBPCAD and GBPNZD).
My personal view is that there should be a long opportunity coming up.
Reasons as follow:
1) The big short has exceeded 1.618 extension of previous trend.
2) Price is approaching Demand Zones as highlighted in BLUE...
tagged blue area as important supply level. May place a sell limit order at in between 1.12887-1.12807 with previous high (around 20 pipes) stop loss. Target at around 1.1145 (Risk:Reward ratio 1:8). However if 1.12545 level doesn't get broken the price is likely to drop straight away without coming up to the upper supply level.
Price has just break out of the wedge and support line, wait for a pull back and can go short. the trade is likely to happen next week. Do not attempt to enter now as its still early, market may not move much due to bank holiday and Easter holiday.
As per discussion from last week (youtube video), just took a sell on the daily.
Seller spiked approximately two hour ago and took out close by retail sellers.
Activated the trade before the spike and added another position after the spike.
Any pull back is potential sell opportunity. Work out risk reward ratio before entering the trade.
wait for pull back and attempt for a short, this should be revealed on 1hr chart and eclipse with the higher timeframe (daily chart sell). Wait for “V” confirmation (upside down) with a test before entry.