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Hello fellow traders,
GBPUSD after a big fall after BREXIT took support near 1.2797 levels and broke below this support on 02 OCT 16 and took support at 1.1919. From here the price is making higher highs and higher lows and a good rising trend line is made as shown in figure below.
The support at 1.2797 may act as resistance for the price as it confluences with the falling trend line from the high of 1 Nov 2015.
I expect the pair find a huge supply near 1.2800 levels which may push the price lower and may result in the break of the rising short term trend line.
The idea is to wait and witness a good price action near 1.2800 levels in favours of the bear and sell the pair once it closes below the rising trend line on the daily time frame. Don't be aggressive to enter sells at 1.2800 as still there is no confirmation and the momentum on upside is there. Wait and watch is the strategy as of now. Waiting will fetch you good risk to reward ratio.
Any comments and suggestions about the setup are welcome.
Happy trading to all.
GBPUSD after a big fall after BREXIT took support near 1.2797 levels and broke below this support on 02 OCT 16 and took support at 1.1919. From here the price is making higher highs and higher lows and a good rising trend line is made as shown in figure below.
The support at 1.2797 may act as resistance for the price as it confluences with the falling trend line from the high of 1 Nov 2015.
I expect the pair find a huge supply near 1.2800 levels which may push the price lower and may result in the break of the rising short term trend line.
The idea is to wait and witness a good price action near 1.2800 levels in favours of the bear and sell the pair once it closes below the rising trend line on the daily time frame. Don't be aggressive to enter sells at 1.2800 as still there is no confirmation and the momentum on upside is there. Wait and watch is the strategy as of now. Waiting will fetch you good risk to reward ratio.
Any comments and suggestions about the setup are welcome.
Happy trading to all.
