UK job reports seems to have helped boost this currency, it unfortunately went against my short trade as I thought it was trending downwards. Is this boost in GBP temporary or will it start really going up again?
I don’t know that anyone knows. I’m ready to get short on this (again) if price breaks through yesterday’s low.
I don’t follow the news but its hard to see the pound becoming a stronger currency than the dollar despite the President’s best efforts.
But there might be some clues that price might continue to rise and these don’t all occur at the same time.
Early indications of a reversal of the downtrend might include -
- daily closes remain above the low of the recent bullish outside bar (1.2155)
- price establishing a new swing low higher than the last (1.2155)
- price closing above the 50EMA
- the 20EMA passing above the 50EMA
- broad failure of dollar buying (perhaps due to sudden and dramatic geo-political news)
Will check calendar this week. Hopefully no more surprises. Hate when stops get triggered.
Already wed though so I may be safe.