It has been observed that the pair is ready to pull back.
What does it mean? are we going into a downtrend or in the consolidation phase!
Let’s find out this through the chart!!!
Interestingly the pair hasn’t shown any sign of retracement since Nov 11, 2019,
consequently, we have had seen upsurge from 1.27 to 1.39.
We might take it “political move” amid election jetting – speculation that Tori party could win the upcoming election
probability of bit antitrend
Therefore, we may expect a bit pull back possibly for gathering buying momentum
Notably, it has also appeared technically on the h1 chart.
vide below where a clear break out of wedge pattern going on
Looking fibo 61.8% retracement
Therefore, we expect the market could go down towards fibo levels either 50% or 61.8%. thus we draw a fibo retracement tool from its Nove low. 1.28 to Dec; high that is around 1.32. which stands around, 1.30/1.3050.
Conclusively 1.30/1.3050 would be our target for sell and our trade triggering on the break of the wedge pattern.
If you haven’t jumped in you should wait to retest the downward wedge boundary.
Finally, you must be inculcated that stop loss shouldn’t go beyond the recent high, whereas the target would be set around 50/61.8% levels.
Have you got this trading strategy? please let us know if you find any ambiguity / un-clear thing as we really love to explain.
Have nice trading !!!!