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GBPSEK

Will The GBPSEK Finally Breakout?We last posted on the GBPSEK on April 15th when price had closed above the round number 12.0000 which was then confirmed as support. What followed was classic price action movement which is often a battle between the bulls and the bears at these key levels. We can see that the bears came in strong in the form of a pullback to the pivot support level of April before the bulls regained control of the market. Price is now back at the pivot high of April and has attempted on two occasions to break through but failed, with yesterday being one of those days. This created a new high that price needs to break and close above to suggest a trend continuation and when we will look to allocate risk to long trades. We are seeing bullish strength so far today but we need momentum to kick in to take price out of this current breather area it is in with a bullish flag still likely. The trend in play since bouncing off the daily 200SMA has been neat and linear and if the breakout presents itself, we would like to see this trend structure continue through to the next round number of 13.0000 and, ideally, very much beyond. Trends in FX can last up to a year and so this is not unlikely. If we look deeper, the current trend has been in play since September of last year. Allowing a trend to establish itself and then trading in the direction of established trend is a far simpler, far more consistent and, over the long term, a far more profitable way of trading. Waiting for price on the GBPSEK 0.37% to confirm a break and close above resistance to suggest a trend continuation. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
The GBPSEK Breaks Round Number Resistance We last posted on the GBPSEK on April 7th when price had broken out of a circa 4 month consolidation and was showing positive signs of developing into a neat linear trend. This is exactly what we want to see as trend traders as linearity offer opportunities to enter, and more importantly, compound. Since our past post, the GBPSEK has continued to perform well. Last week, not only did price break and close above the drawn in pivot resistance from the start of April but also, as of Friday, price broke and closed above the round number 12. These are strong signs of a bull trend continuation and, as a result, we are now looking for trading opportunities to go long. As Thursday's bar did not close above 12.0000 and Friday's bar is simply a continuation bar, we now want to see price retest 12.0000 as a support zone and then enter on the next breakout, ideally in the form of a bull flag. The SEK currencies are looking good with the EURSEK triggering long trades already with the recent move up, It would be very nice indeed for these move to develop into sustained trends, something that has been very much missing in FX since 2015. With the bull run in stocks from 2016 through to the start of the year, this has not been an issue but trends in FX are well overdue. Is 2018 finally the year? We have positions loaded across several different pairs. It is now a waiting game to see which of these will perform. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
Will The GBPSEK Set Up for a Long Entry?The GBPSEK is one of the better looking GBP currencies with price trending well and currently going through a mini breather as opposed to a deep pullback such as the GBPCAD . Last month in March, price broke out of a period of consolidation that went back to December of last year and has since been trending very nicely. The emerging trend structure has so far been linear and displaying signs of a fast moving trend. Here at Sublime Trading, we are patient with our entry and allow a trend to establish itself first.This will then give us an idea of what trend we are dealing with and hence which one of our strategies we should then use to extract profit. By aligning yourself with price and letting price dictate what to do (as opposed to predicting which is what most do), life as a trader is far simpler and profit is far more consistent. What we are waiting for now on the GBPSEK is a breakout above last week Wednesday's high as well as a break and close above the round number 12.0000. This is currently acting as a resistance. The distance between Wednesday's high and the round number 12 for us does not warrant enough space to place a trade. The initial risk to reward on offer plays a big part in if risk is worth allocating to a trade. In this case, applying patience is the preferred option for us as the risk to reward from 12.0000 to 13.0000 and beyond is far more appealing. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading