It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
GBP/USD: a short-term uptrend
2019-11-11 • Updated
SELL 1.3120; TP1 1.3100; TP2 1.3050; SL 1.3130
SELL 1.32; TP 1.31; SL 1.3220
GBP/USD continued its recovery yesterday. The pair rose to the 50-week MA at 1.3150. It’s quite natural to assume that this line will act as resistance. The next obstacle on the upside lies at 1.32 (100-week MA, January highs).
On H4, the pair formed a doji with a long upper wick — a negative sign. There’s also a negative divergence with Awesome Oscillator. All in all, there’s a significant probability that the pound will correct down. Notice though that the proposed trades are counter-trend, so make sure that you manage the risks properly. The levels around 1.3050 might become attractive for buying.
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