With the UK extending lockdowns and the possibility of a bullish continuation with the stock market correction, it leaves this pair somewhat in a flip-a-coin scenario. This is not a way we trade. So for that reason we are not in this trade but are waiting for the right time to either buy or sell depending upon whichever direction the market decides.
== TECHNICAL ANALYSIS ==
Current price-action on the daily time-frame shows that this pair managed to retrace to the 50% level from the most recent bullish impulse. We are also now faced with the 153 psychological handle that may provide some support in the interim. However if prices drive lower from a possible correction in equities, we will reassess the pair as it approaches the ascending trendline around 151.50. Based on market sentiment upon arriving around 151.50 will determine whether or not we decide to scale in with some bullish positions.
On the upside, we're looking for a higher high on the daily timeframe first and foremost before even considering the possibility of further upside towards the potential sell zone as illustrated.
== TECHNICAL ANALYSIS ==
Current price-action on the daily time-frame shows that this pair managed to retrace to the 50% level from the most recent bullish impulse. We are also now faced with the 153 psychological handle that may provide some support in the interim. However if prices drive lower from a possible correction in equities, we will reassess the pair as it approaches the ascending trendline around 151.50. Based on market sentiment upon arriving around 151.50 will determine whether or not we decide to scale in with some bullish positions.
On the upside, we're looking for a higher high on the daily timeframe first and foremost before even considering the possibility of further upside towards the potential sell zone as illustrated.
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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.