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But be careful... Those positioning short at the top were smart, if you are not positioned there then consider your trading size if you want to chase this move. Fundamentally, this pair should continue range bound to lower based on the Brexit commentary and decision soon this year. Technically, as of today we are ultra bearish again. This will affect all GBP crosses. The GBPUSD is below all major 10/20/50/100/200 EMAs on each DWM timeframes, however this has happened before. It's occured almost every time it breached 1.4250 as of the last few months - very important to consider. We are short this pair topside and have added more here. We are considering adding even more on a break of 1.4160 in the form of sell stops. However, we are unlikely to hold the majority of the position past 1.4050 until the Brexit referendum is done and over with. We can also exit this trade safely if it rebounds, despite adding more to the position because of our topside anchor points. Trade safe, and keep the trading size manageable.
But be careful... Those positioning short at the top were smart, if you are not positioned there then consider your trading size if you want to chase this move. Fundamentally, this pair should continue range bound to lower based on the Brexit commentary and decision soon this year. Technically, as of today we are ultra bearish again. This will affect all GBP crosses. The GBPUSD is below all major 10/20/50/100/200 EMAs on each DWM timeframes, however this has happened before. It's occured almost every time it breached 1.4250 as of the last few months - very important to consider. We are short this pair topside and have added more here. We are considering adding even more on a break of 1.4160 in the form of sell stops. However, we are unlikely to hold the majority of the position past 1.4050 until the Brexit referendum is done and over with. We can also exit this trade safely if it rebounds, despite adding more to the position because of our topside anchor points. Trade safe, and keep the trading size manageable.