Breaks of key levels for both GPUSD and EURGBP
I was just about to wriet that 1.3080 was the support level to watch, and that 1.3100/10 is resistance but we’ve just broken through 1.3080 to a low of 1.3066. As expected, the weekend Theresa May news has seen the pound sell off today with Asia taking the first leg and then London taking the second leg.
1.3080 was the support last week but there’s still some traffic through 1.3065, 1.3050/55 before we hit the early Nov lows around 1.3040. Those all come before the stronger looking 1.3020/25 level.
GBPUSD H4 chart
As mentioned, 1.3100/10 is the nearby resistance but look for it to start building at the broken 1.3080 level now.
EURGBP knocking through 0.8900 to 0.8911 has helped and it will want to find support building at the big figure now. Next resistance there is around 0.8920 & 0.8935/40.
EURGBP H4 chart
The pressure on May doesn’t let up today as she has a meeting with European business leaders at No.10 today. Folks from the CBI and Institute fo Directors will be joined by business organisations from many European countries. No doubt they’ll all be asking for further clarification on Brexit.
This is no time to be catching the falling knife but if you’ve got the urge then make sure you lean against the strongest levels on your charts and keep your stops very close by.
Philosophy: “Don’t be a Dick for a tick”
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Hello Ryan littlestone yesterday I wrote an article on Bloomberg about robot trading…That article was all about the robots who are now taking seats of human in hedge fund s or banks…I want to ask what will be the future of Retail Forex trading ? In future we will be fighting with robots ? Or robots will take our seats also as Forex traders ? We are working hard to develop our trading strategies or experience if tomorrow robots will take our seats or we will compete robots how will that be possible ? It will be very hurting.. What you say about this ?
Hi Ali.
Manned FX trading desks are slowly reducing. It’s been happening for many years now. For retail traders the main difference is that when there’s big events like flash crashes, they will be worse because there is not a human hand there to inject some rational reasoning. A human bank trader will know how to trade flash crashes and whether to wait to buy or sell to fill customer orders. Robots don’t have that common sense, they just have a program to fill an order and so will keep selling until they get the fill. So, for us, we’ll find that the robots don’t provide the liquidity that human traders do.
As for the rest of it, we’ll still be trading the same way and looking at the charts the same so things shouldn’t really change. A level will hold or break whether it’s a human or robot trading.
Yes You Are Right Thanks. 🙂