I've been waiting for GBP to strengthen for weeks and weeks.. I know I am not alone on this. For those who are also waiting.. I believe it is time..
This week Fav GBP (Long/Strengthen). There are quite a number of News for GBP this week. More importantly my focus will be on Tue's CPI result. I believe GBP is ready this week to Jump, but before it goes up there will likely be another drop. This drop would clear out quite a bit of dangling position before it rush up. For those who wants to long might want to wait for the up draft to start. For me I might jump in early depending on how Euro Session behave tomorrow.
I like this trade because..
- Daily Chart made first Lower Low suggesting a change to down trend.
- Daily chart price action shows clear indecision for the first time in 5 weeks.
- Daily Chart price touching 200SMA
- Very steep dip from started from 5 weeks ago.
- Trend Line to break going up.
Remember.. consider that up side is trading against the trend. Do manage your risk well. it all depends on the coming CPI news release this week..
-DC
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