GBP - Cable: Are you going to move anytime soon?
Updated
GBP - Cable: Are you going to move anytime soon?
GBPUSD - I actually like trading GBPUSD a lot. I know there's a lot that found it frustrating due to Brexit times and all the other aspects we have to take into account but as I live in UK I find it a comfort to trade GBP - I've had questions given do you think what's happening with Boris will affect the GBP and the answer is a no. The market does not care as it isn't as a big scandal to take into account to shift GBP focus. We've been in a range for a while and including myself it's been a tricky pair, I've had to day trade due to it being a choppy market for now. I am still a firm believer we will head higher, since start of this yr and last yr due to dollar weakness but whilst looking at GBP I do tend to put my focus on EURGBP and even that pair is trying to find which way it should shift. The best advice I can give you whilst trading GBP and other pairs for now: Trade what you see, not what you think. 1hr-30min Time frames have speeded up my day on day trades rather than swings set ups.
GBPUSD - Technical view
Support: 1.39346, 1.39234, 1.39035 (200 & 50 EMA are key support areas at this current moment of time)
Resistance: 1.39738, 1.39875, 1.40075,1.40255
Pattern: Wedge (longer term) Bull flag/smaller wedge (Shorter term)
Key Tip: Question to ask yourself whilst planning your trades - What kind of environment are we in?
Best of luck!
Trade Journal
Just a trade idea, not a recommendation
GBPUSD - I actually like trading GBPUSD a lot. I know there's a lot that found it frustrating due to Brexit times and all the other aspects we have to take into account but as I live in UK I find it a comfort to trade GBP - I've had questions given do you think what's happening with Boris will affect the GBP and the answer is a no. The market does not care as it isn't as a big scandal to take into account to shift GBP focus. We've been in a range for a while and including myself it's been a tricky pair, I've had to day trade due to it being a choppy market for now. I am still a firm believer we will head higher, since start of this yr and last yr due to dollar weakness but whilst looking at GBP I do tend to put my focus on EURGBP and even that pair is trying to find which way it should shift. The best advice I can give you whilst trading GBP and other pairs for now: Trade what you see, not what you think. 1hr-30min Time frames have speeded up my day on day trades rather than swings set ups.
GBPUSD - Technical view
Support: 1.39346, 1.39234, 1.39035 (200 & 50 EMA are key support areas at this current moment of time)
Resistance: 1.39738, 1.39875, 1.40075,1.40255
Pattern: Wedge (longer term) Bull flag/smaller wedge (Shorter term)
Key Tip: Question to ask yourself whilst planning your trades - What kind of environment are we in?
Best of luck!
Trade Journal
Just a trade idea, not a recommendation
Note
Could go towards 200EMA.
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