GBP/USD Long from 28th May 2018
Updated
We have seen GBP / USD fall over recent weeks. Whereas I still believe there are opportunists looking to profit through shorts, I will be going long from the week commencing 28th May.
Here is why;
1. We have gone past the 2018 Daily low (Investors negative around the pounds outlook) and often we see faster recoveries when a major support is broken as traders do not have a mental barrier at these levels.
2. We have tested the 13300ish support once in the light of the inflation news and I expect this to become a major support during this remaining days of this week.
3. Thursday 24th and Friday 25th will be days of (what I expect) news testing this 13300 level again and possible a slight break under it (Opportunity to short before)
4. However I will be setting a trade to go long around this level to profit from next weeks recovery through no new news and breaking through past resistance levels.
Here is why;
1. We have gone past the 2018 Daily low (Investors negative around the pounds outlook) and often we see faster recoveries when a major support is broken as traders do not have a mental barrier at these levels.
2. We have tested the 13300ish support once in the light of the inflation news and I expect this to become a major support during this remaining days of this week.
3. Thursday 24th and Friday 25th will be days of (what I expect) news testing this 13300 level again and possible a slight break under it (Opportunity to short before)
4. However I will be setting a trade to go long around this level to profit from next weeks recovery through no new news and breaking through past resistance levels.
Note
Now seeing what i saidNote
As I mentioned in my previous post, we are now seeing the test of that 1.3300 support level . The price went higher than I had expected, however has now hit the 1.3300 as I said.
Still on for the 28th May 2018 buy.
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.