As previously covered in my GBPUSD article , the pair proceeded as expected-straight to the target. Fears of Brexit are weighting on the pair BUT we can see a historical support that can push the pair to the upside.
At this point 1.3990 and 1.3835 are very important. 4h close above 1.3990 can spike the price up towards POC (H4,EMA89, breakout point, bearish order block). Mind you that POC zone is wider now due to historical vs now moment sellers and confluence points. The zone is 1.4080-1.4130 and if the price gets there we could see new rejection towards 1.3835.
1.3835 on the other hand is now moment double bottom and only a strong momentum break below or 4h close below will target 1.3730-1.3680. 1.3680 is the last line of defense before we see 1.3500. Have in mind that double bottom near historical lows indicates institutional buying and its not the thing you want blindly short into..
I recommend watching the levels. Zones and not blindly short every rally. Wait patiently for a pullback then go short at a valid point (POC) as always. Remember we want to sell higher and buy lower unless we see a valid breakout of the highs/lows.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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