The GBP/USD has reached a key resistance level on the D1 timeframe. With FOMC at 2pm today, we will see a spike to the up or downside, giving us a clear understanding of where the market is headed.
If we take a look at the W1 timeframe, we see that price has reached a key resistance level as well.
What Others Are Predicting
At the doors of BREXIT and its exit, we have a high volatility moment accompanied by a harmonic pattern. My advice is to operate with a SL olgado puesti that this news accompanied by oil inventories historically have moved more than 200 PIPS with a projection of at least 3 months. This to take into account if you want to enter now otherwise the next week may be a more CONSERVING option.
i guess this will be the scemario when Boris Johnson win this election on Thursday.
if repeat again 2017 scenario, it will be a huge bearish back to 1.22 zone.
Currently the market is at the Strong Weekly Trendline and Strong Resistance level .
Wait for the Rejection or Breakout from the Weekly trendline ..
My Thoughts!
My initial thought is that we will see a short entry. As you can see, other traders are seeing mixed opportunities. The safest entry would be to wait until the release of FOMC, however you may miss out on a better entry.
Setting up a long and short limit order would help with this. Just above previous resistance of 1.3200 and below previous support of 1.3180.
We are currently in a short position with limit orders also set. Our targets for the short position are 1.3050 – 1.3010.
Cheers to another successful week!