Is it time to buy GBP? Check this out
Updated
I know no one wants to touch GBP pairs with a 10 foot pole but I think we might finally be in good territory for jumping into some GBP strength. Here's what I think we could start with...
1. The flash crash high has held very nicely on this pair, it looks like a short term top for now
2. There's a long term trend line that gets re-tested over and over again that should provide a clean break out area.
3. There are several missed pivots below that act as great targets for attracting price.
So I will wait for a 4 hour candle to close below this trend line, once that happens i'll be looking to get short (sell) as near to the trend line as possible with stops above the recent highs and targeting the lower missed pivot points.
1. The flash crash high has held very nicely on this pair, it looks like a short term top for now
2. There's a long term trend line that gets re-tested over and over again that should provide a clean break out area.
3. There are several missed pivots below that act as great targets for attracting price.
So I will wait for a 4 hour candle to close below this trend line, once that happens i'll be looking to get short (sell) as near to the trend line as possible with stops above the recent highs and targeting the lower missed pivot points.
Trade active
As many of you may have had a hard time getting entry here, the next best trade will be to sell breaks of lows (.8855) below that we have clean movement into the pivot points.
Jared Johnson
Union Hedge Funds
Union Hedge Funds
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