GBP/$ has provided lots of trading opportunities over the last few weeks with it's very large range bound moves. Over the last week, sterling made another strong and undisrupted move back into 1.37. This ended in the 'double-top' structure formation which consequently ended on Friday in a plunge (-0.79%) drop back into the highs of 1.35.
Entering this week, i am simply looking at more bullish price action from sterling. Areas to watch for support are the red lines indicated on the graph. If the 61.8% retracement from previous highs can hold, that may act as the start of the trend continuation. 1.36157 will become a KEY area to watch as if price pulls back into these levels it will be clear if we are simply getting a pullback for price to continue the downtrend.
I believe Friday's decline has provided a great opportunity to get LONG on cable and ride another wave back into the 1.37/38 levels and i will be keeping you all updated on this pair. My fav pair :)
Good luck trading $
Entering this week, i am simply looking at more bullish price action from sterling. Areas to watch for support are the red lines indicated on the graph. If the 61.8% retracement from previous highs can hold, that may act as the start of the trend continuation. 1.36157 will become a KEY area to watch as if price pulls back into these levels it will be clear if we are simply getting a pullback for price to continue the downtrend.
I believe Friday's decline has provided a great opportunity to get LONG on cable and ride another wave back into the 1.37/38 levels and i will be keeping you all updated on this pair. My fav pair :)
Good luck trading $
