Re-test of 137.500 on the daily?
Since the daily support @ 137.500 that was broken last week wasn't re-tested, i'm anticipating that price might push up towards this level.
My entry was based on a previous resistance level that was broken and now is a support level @ 136.800 because price had dropped 40+ pips leaving behind a small liquidity pool.
I'm not saying that the bulls are taking control yet, this is more of a short term view of how price is playing out.
As anticipated price rejected 136.000 and any further drop below this level would have been catastrophic to the pair and the British economy. I'd like to thing that any price points below 136.000 as a black hole for sellers and a premium demand zone.
If this week ends bullish then expect prices to push to 138.200 and if we have another weekly breakout of that level then I will shift my bias to bullish on a long term basis.
I might take profit earlier around 137.300 if I see any stall in momentum.
My entry was based on a previous resistance level that was broken and now is a support level @ 136.800 because price had dropped 40+ pips leaving behind a small liquidity pool.
I'm not saying that the bulls are taking control yet, this is more of a short term view of how price is playing out.
As anticipated price rejected 136.000 and any further drop below this level would have been catastrophic to the pair and the British economy. I'd like to thing that any price points below 136.000 as a black hole for sellers and a premium demand zone.
If this week ends bullish then expect prices to push to 138.200 and if we have another weekly breakout of that level then I will shift my bias to bullish on a long term basis.
I might take profit earlier around 137.300 if I see any stall in momentum.
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.