Okay so the GBP has been under the spotlight from all the antics lately , politically and Brexit of course . This has now come on my radar because I believe its undervalued right now ,
So you can see by the chart ( looking left ) its coming in to what was trend line resistance, which will offer trend line support along with the 0.23 fib retracement .
So I would like to see this get back to the line and enter long around 1.80 levels, I feel a conservative win is on the cards, but its been tighter than we all expected, this will become apparent on Thursday when they announce the results, and we can all get on with our day after traders process this.
So long @ 1.80
Stop @ 1.79
TP @ well let it run next fib line long term in my opinion, 0.382 fib line or 1.8750
THIS IS A LONG TERM TRADE THOUGH - 60 day minimum
Stay tuned people from Thursday onwards
So you can see by the chart ( looking left ) its coming in to what was trend line resistance, which will offer trend line support along with the 0.23 fib retracement .
So I would like to see this get back to the line and enter long around 1.80 levels, I feel a conservative win is on the cards, but its been tighter than we all expected, this will become apparent on Thursday when they announce the results, and we can all get on with our day after traders process this.
So long @ 1.80
Stop @ 1.79
TP @ well let it run next fib line long term in my opinion, 0.382 fib line or 1.8750
THIS IS A LONG TERM TRADE THOUGH - 60 day minimum
Stay tuned people from Thursday onwards
Note
Okay so we have just entered at market , now we have seen this scale back towards the fib line been watching this until the us opening bell , I'm happy at this price now , So long @ 1.7936
Will post a stop later
Happy trading
Trade active
Okay so we got filled @ 1.7936Stop @ 1.78
TP @ 1.8750 next fib line 0.382
60 day trade unless we hit the target before then .......
Trade closed: stop reached
We will be looking to re enter post election results Stay tuned
Note
So its all about PM , MAY's speech now @10.00 today.....listening and waiting remember if she steps down, and its possible article 50 can be revoked with talks
the pound will boom (stranger things have happened ) but for now its very volatile and we got out relatively unscathed @ 130 pip loss, and believe me that's why a stop was put in place during this risk event ......
So Im not disappointed with that at all ....
I will make those back easy
happy trading
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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.