I was wrong about the move yesterday; GBPUSD initially moved up but failed to get close to the 1.2840 resistance before selling down, much weaker than EURUSD. Time to short?
I would say GBPUSD is relatively weaker and thus definitely would give a better short than EURUSD. But again, yesterday's move sold down nicely to my BZ which is a low risk level to look for longs.
Strong support at 1.2692 below but overall, I am looking for 1.2770 to trade; and a rejection there could give us a move down to 1.2734 and 1.2692, while a break above would be a long to target 1.2874 and 1.2918 by next week.
Despite the down move yesterday, the price action seem to indicate a possible bull flag formation. Let's see.
I would say GBPUSD is relatively weaker and thus definitely would give a better short than EURUSD. But again, yesterday's move sold down nicely to my BZ which is a low risk level to look for longs.
Strong support at 1.2692 below but overall, I am looking for 1.2770 to trade; and a rejection there could give us a move down to 1.2734 and 1.2692, while a break above would be a long to target 1.2874 and 1.2918 by next week.
Despite the down move yesterday, the price action seem to indicate a possible bull flag formation. Let's see.
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Join me for free on Patreon (patreon.com/fademeifyoucan) to receive my daily FX and indices trading plan. DM me to join my new group to learn all my trading levels and to trade together.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.