It seems that the GBP has bounced off the bottom trendlinde again today and heading towards to the 38.2% retracement and the moving averages which are converging.
Bearish clues:
1. Price is under moving averages
2. 100MA is sloped
3. 200MA is flattening out (signals market is transitioning to a downtrend/consolidating)
When price hits the yellow circle I will sell here with a tight stop of 30pips... and target back to the lower trend line.
FUNDAMENTALS to take note for tomorrow are:
1. CPI data released tomorrow...
Trade with care!
Bearish clues:
1. Price is under moving averages
2. 100MA is sloped
3. 200MA is flattening out (signals market is transitioning to a downtrend/consolidating)
When price hits the yellow circle I will sell here with a tight stop of 30pips... and target back to the lower trend line.
FUNDAMENTALS to take note for tomorrow are:
1. CPI data released tomorrow...
Trade with care!