After closing a nice long, I've gone short at the 1.2281 area. This move looks overdone, and a tad stupid given all the "rumors" flying around.
I see solid buying returning around the 1.2207 area. Maybe a good short down to this level but I am staying long. Good luck.
Solid buying in the form of a few mid east names? Easily overcome if the tide turns. Those names have been buying that range since December. Here's why I did what I did.
I think the hourlies will have to fall to a neutral level, so this will result in a retracement. I am looking to buy on dips and have limit orders of 1.222 and 1.7635 on GBP/USD to take me long again (not sure they'll get hit though). The real truth in todays action will be when european trader's return tomorrow. I believe the trend is up though for the next few sessions at least.
Stop was hit overnight at 1.2250. Not sure I agree at all with the above poster's analysis, so will reset shorts on further failures at 1.2280
If the data sends price south to 1.2207 then this is a buy for my methodology, otherwise any break above 1.2261 is a buy. Topside Targets 1.2406 1.2383 1.2333 1.2295 Below 2207 and I would be short. Good luck today everyone. DRT