While I have been caught up in the sheer momentum of this bullish trend, it seems day after day I wake up to GJ up 90 up 50 up 100 pips.
Today we had news, UKCPI produced a good result for the pound which lead to a 90 pip spike.
There was no follow through whatsoever as bulls took profit after the news.
I caught a retrace right after the news and was happy with that.
I then got back in, aimed for more pips and promptly got myself stuck in the trade.
Then news hits with Theresa May reportedly rejecting Barnier's deal on the Irish border.
What I see now, this was brought to my attention and could be a very likely scenario.
GJ has been in an absolutely massive channel, one that is only seen at the higher time frames. It is just now getting to the top of the channel.
I have highlighted the next zone that GJ may make a run for before pausing again.
That is if a reversal to the bottom of the channel is not already in the works.
Today we had news, UKCPI produced a good result for the pound which lead to a 90 pip spike.
There was no follow through whatsoever as bulls took profit after the news.
I caught a retrace right after the news and was happy with that.
I then got back in, aimed for more pips and promptly got myself stuck in the trade.
Then news hits with Theresa May reportedly rejecting Barnier's deal on the Irish border.
What I see now, this was brought to my attention and could be a very likely scenario.
GJ has been in an absolutely massive channel, one that is only seen at the higher time frames. It is just now getting to the top of the channel.
I have highlighted the next zone that GJ may make a run for before pausing again.
That is if a reversal to the bottom of the channel is not already in the works.