Sunday, February 17, 2019

GBPUSD: 1.3075 First targets and 1.32 levels to come


As we explained in the previous analysis, the declines that occurred on the pair were mainly retrogressions in view of the larger charts on the monthly show as corrective movement within the rising trend, which began two months after the famous Flash Crash, which followed the limited retreats that accompanied the British exit referendum in an attempt to return towards Fair trading levels 1.5 against the dollar, which is 16% more than its real value, but the pair fell during the past period influenced by economic events and political successive, so we preferred to take off every drop to buy back and retain transactions from previous levels

Technically and on the 4 hour chart the pair moved during the early trading up from the saturation levels which had a positive positive effect on the RSI and exceeded the 50-day averages successfully on its way to breach the initial resistance at 1.3000 and stability of the trading area above this area will push it to target the areas of 1.3090 The pair is targeting the first profit-taking levels at 1.3200, where we can close one-third of the open trades while the far targets are 1.35 and 1.2 targets are technically accessible but are too long and we can see a bearish correction before achieving it

Trading Recommendation
Buy the pair (repurchase for those who actually bought) from current levels
Take the first profit 1.3090
Take Second Profit
For long term investment we will not close the deal before 1.35

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