Hi Traders
Please see our updated analysis on Gbp/Usd.
We were initially looking for a short position yesterday however price has continued its bullish momentum and we think we have a day or two more of bullish momentum before we start seeing price reverse. We did mention before that price may need a deeper move before seeing some kind of downside movement.
Notice price retraced exactly to the 0.5 Fib Retracement.
We were looking for USD strength coming in but it looks as if the US Dollar also has a deeper correction to make before continuing its bull run.
If you are more comfortable with a safer entry on this pair wait on the ascending trend breaking before entering or wait for a new lower low to be printed whilst rejecting a higher high.
Let me know in the comments below your thoughts on this pair.
As always remember trade safely with proper risk management!
The Fx Chartist
Please see our updated analysis on Gbp/Usd.
We were initially looking for a short position yesterday however price has continued its bullish momentum and we think we have a day or two more of bullish momentum before we start seeing price reverse. We did mention before that price may need a deeper move before seeing some kind of downside movement.
Notice price retraced exactly to the 0.5 Fib Retracement.
We were looking for USD strength coming in but it looks as if the US Dollar also has a deeper correction to make before continuing its bull run.
If you are more comfortable with a safer entry on this pair wait on the ascending trend breaking before entering or wait for a new lower low to be printed whilst rejecting a higher high.
Let me know in the comments below your thoughts on this pair.
As always remember trade safely with proper risk management!
The Fx Chartist
