Cable retaliates???
Updated
Last week we saw a considerable drop in a lot of GBP pairs, but in this particular pair it seems like the Cable might make up for some of the losses it had last week. We all know that the drop was due to Brexit matters and so fourth, but I do tend to keep in mind that price action is greater than fundamental influences. With that being said, let's dive deeper into the matter at hand.
Firstly, we have an ascending channel which is prevalent on the chart above. However, this alone cannot confirm a long signal. The market is currently testing the support level of our channel, which means we expect a bounce on this level and a continuation of the uptrend.
Secondly, the markets are currently at our 38.2 fib level and we anticipate an upward move beyond the 23.6 level. So I basically reckon that the 38.2 level will serve as support.
Lastly, the price is currently testing an area of interest simply because this area has served as support for a while now.
Hoping to have a great start to the new week with this pair.
As always, please kindly share your thoughts and comments. They would be highly appreciated.
Firstly, we have an ascending channel which is prevalent on the chart above. However, this alone cannot confirm a long signal. The market is currently testing the support level of our channel, which means we expect a bounce on this level and a continuation of the uptrend.
Secondly, the markets are currently at our 38.2 fib level and we anticipate an upward move beyond the 23.6 level. So I basically reckon that the 38.2 level will serve as support.
Lastly, the price is currently testing an area of interest simply because this area has served as support for a while now.
Hoping to have a great start to the new week with this pair.
As always, please kindly share your thoughts and comments. They would be highly appreciated.
Note
My stop loss is too tight, so I've moved it a bit slightly. It now directly at the 50% Fib level.Trade closed: stop reached
Our stop loss might've been too tight. Should've given this trade some space to breathe. Oh well, you can't win 'em all
Note
I don't think that's a breakout though. I anticipate the trend to continue moving upwardsTrade closed: stop reached
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