GBPUSD – tactical long
The GBP/USD is on cross-roads for many months…With no Brexit developments and a lot of headlines, traders are scratching their heads in anticipation of what will happen on March 29th. So far there is no information on Article 50 extension, so the all-scary scenario of a no-deal Brexit is looming and this drags pound lower.
For how long ? I am more optimistic. Of course, things can turn any direction but I am convinced that no-deal Brexit is good for GBP. This is going to be funny. All the world media expects GBP to sink in case of no-deal but the reality can be totally different. (Remember Trump’s elections morning ?)
And pound behaved really well during last months of negative and apocalyptic headlines.
Today’s trading idea is tactical long. The price is at 1.2820 which is support area and the lower end of price-line space on 4 hour chart, so this is where we enter tactical buy. Above are the resistances at 1.2920 an 1.3010 – and lower one is a target. Watch the price move and put some close stops below the entry.
Have a nice day !