Thursday, 8 February 2018

Update of GBPUSD- probable long entry

GBPUSD pair in the daily timeframe. As I said in my earlier post, the price is likely to bounce back from 61.8% fib level.

Now the price is creating bullish engulfing price action and at the same time crossing above 20 MA from below. If the price can close above 20 MA, I'm going to enter into this trade.

But the negative point is that on the higher timeframe, the price is approaching towards 200 MA from below which will be a dynamic resistance line for the pair. It has also completed the round bottom pattern in that timeframe. So the trade might be a little bit risky. Even then, I want to take the trade.

Update on 15th February 00:00 hours (+6.00 GMT). Price could not close above the 20 MA as I mentioned above.
Price is above the 20 & 200 MA and it is approaching towards the monthly pivot. If it can cross the pivot point and close above it, then I'll go for long.

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