Hi guys,
Were currently looking for the bounce here off the trend line of GBPUSD.
This is a very strong trend line and I'm certain if price reaches this again it will reject the trend line and shoot straight back up.
Obviously we will wait for other entry signals before we go long:
MACD going from negative to positive (the beginning of a new trend).
RSI above 50 but below 70 (Trend confirmation and proof of non current overbought conditions).
Stochastic not overbought but heading up towards the overbought territory.
And of course the 5 and 10 SMA cross.
I believe another great point to put forward is that it looks as if the 50 MA is is going to prove a nice dynamic support.
Also some very mixed news on both the GBP and USD today however GBP looking slightly more stronger and USD looking weaker with more news yet to come. in particular the Feds funds rate.
Let me know your ideas guys.
Cheers
Ethan
Were currently looking for the bounce here off the trend line of GBPUSD.
This is a very strong trend line and I'm certain if price reaches this again it will reject the trend line and shoot straight back up.
Obviously we will wait for other entry signals before we go long:
MACD going from negative to positive (the beginning of a new trend).
RSI above 50 but below 70 (Trend confirmation and proof of non current overbought conditions).
Stochastic not overbought but heading up towards the overbought territory.
And of course the 5 and 10 SMA cross.
I believe another great point to put forward is that it looks as if the 50 MA is is going to prove a nice dynamic support.
Also some very mixed news on both the GBP and USD today however GBP looking slightly more stronger and USD looking weaker with more news yet to come. in particular the Feds funds rate.
Let me know your ideas guys.
Cheers
Ethan