I am not a huge fan of trading the sterling solely on technical analysis. Not with Brexit development causing price fluctuations from time to time. I always prefer (tho not exclusively necessary) trading any currency while having an objective picture (market sentiment) of the market involving the currency I want to buy or sell.
I might be late to the party (buying sterling on Brexit optimism) I have a solid belief of what the mood of the market is regarding the sterling at the moment.. that is cautious optimism and not fully priced in.
I am cautiously bullish on sterling just purely based on short term market sentiment.
A price correction is anticipated however that weekly and monthly upside projection have been hit and exceeded. I will only look for business at the levels I have marked on the chart (looking for the bear trap).
Risk event for sterling is CPI y/y number however I doubt it will cause a significant spike. Another risk for this plan are :
a) Range have been exceeded, institutional profit taking is likely
b) negative brexit news
I might be late to the party (buying sterling on Brexit optimism) I have a solid belief of what the mood of the market is regarding the sterling at the moment.. that is cautious optimism and not fully priced in.
I am cautiously bullish on sterling just purely based on short term market sentiment.
A price correction is anticipated however that weekly and monthly upside projection have been hit and exceeded. I will only look for business at the levels I have marked on the chart (looking for the bear trap).
Risk event for sterling is CPI y/y number however I doubt it will cause a significant spike. Another risk for this plan are :
a) Range have been exceeded, institutional profit taking is likely
b) negative brexit news
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