The Pound index forming a bullish wedge on the daily chart after retesting support. Front running bulls have already entered low-risk trades tight on support but will the pattern hold? As a bull myself in the long-term, I am focused more on upside potential than downside; although downward moves are key to entering long. It may not happen now, but I am anticipating a break of this pattern following some good herd immunity news from the UK. London has also the mayoral vote in the coming months which will also have some impact on London stocks, and no doubt some pound forex too.
- Buy at support
- Buy low
- Keep a tight and well-managed stop loss
- Targets above at resistance levels
- Hold for a break near the apex
- Buy at support
- Buy low
- Keep a tight and well-managed stop loss
- Targets above at resistance levels
- Hold for a break near the apex