The pound dollar looks like it has room to move up and continue in its consolidation range after the UK announced no change in their interest rates. Unless there's a black swan it is unlikely that the pair will give us any direction.
BULL CASE
Price to go straight up from here to test 1.38 at the top of the channel.
BEAR CASE
Price corrects farther down to touch bottom of the channel before moving up.
PS: There's meat in this trade, you can afford to enter half the amount you're willing to risk and set up wider stop and deploy the other half when it reaches the bottom of the channel. Don't risk more than 1% of your account in this trade.
BULL CASE
Price to go straight up from here to test 1.38 at the top of the channel.
BEAR CASE
Price corrects farther down to touch bottom of the channel before moving up.
PS: There's meat in this trade, you can afford to enter half the amount you're willing to risk and set up wider stop and deploy the other half when it reaches the bottom of the channel. Don't risk more than 1% of your account in this trade.
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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.
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.