TL resistances and Fibo’s tested and rejected
The rebound temporary broke the first trend line resistance @ 1.3392 but stopped short of the second and the 23.6% fibo. The latter will be used to put my stop just above 1.3430.
I’ve been jobbing GBP from the short side lately as I reckon with some end of year USD demand and GBP being a weaker link due to Brexit trade negotiation uncertainties.
I didn’t have much in it for now, waiting for an opportunity. The Xmas liquidity playing, as I said in a previous post, we need to allow for some overshoots at times in this market.
I believe this was a perfect example today. I quite like the rejection of the break above 1.34 and the hold of the second TL and Fibo.
I went short @ 1.3398 . Aiming to have a retest of 1.33-1.3293.
Once there and still alive of course in the meantime, I’ll reassess.
Latest posts by K-man (see all)
- $CNH living on hopium? Big week for the Yuan this. - January 13, 2020
- A mildly positive risk market on the open? - November 24, 2019
- A huge USD week. This time it’s different, isn’t it? - October 30, 2019