Pound Sterling is expected to be more volatile in the coming weeks as the uncertainty hovering around Brexit and UK economic outlook. British pound has fallen more heavily as compared to Japanese Yen in the last few days.
The fact that we are recovering on Friday suggests that we may be going back and forth in order to cause more consolidation. Remember, 80% of the time most markets are consolidating so therefore you should always assume that there are a couple of potential levels right here that keeps the market in check.
Obviously, this pair is overly sensitive to risk appetite, which is somewhat all over the place right now. Because of this, it is going to be difficult to hang onto a larger longer-term position. I think the only thing you can count on here is going to be more choppy behaviour going forward.
Key trading plan:
i) SHORT when the price has pulled back up at the price level 135.383 with the Take Profit 1 at 132.997 and Take Profit 2 at 130.787.
ii) LONG when the price breaks the resistance level at 136.293 with the Take Profit level at 139.495.
Author:
S.I.D. Aizu
The fact that we are recovering on Friday suggests that we may be going back and forth in order to cause more consolidation. Remember, 80% of the time most markets are consolidating so therefore you should always assume that there are a couple of potential levels right here that keeps the market in check.
Obviously, this pair is overly sensitive to risk appetite, which is somewhat all over the place right now. Because of this, it is going to be difficult to hang onto a larger longer-term position. I think the only thing you can count on here is going to be more choppy behaviour going forward.
Key trading plan:
i) SHORT when the price has pulled back up at the price level 135.383 with the Take Profit 1 at 132.997 and Take Profit 2 at 130.787.
ii) LONG when the price breaks the resistance level at 136.293 with the Take Profit level at 139.495.
Author:
S.I.D. Aizu
