Hello,
Today on the 18th August, I have decided to take a long from support on the 12H timeframe. This is because the price since the start of April has been ranging between 1.25023 & 1.28589.
We took a short from the previous resistance and closed our for 2.5R at support. We now have a a target of 2.4R at the 1.27928 area of resistance.
It has taken on average 5-7D to complete the range. Expecting to hold over the weekend.
Fundamentally?
The sterling still managed to rally after the latest UK inflation data came in lower than expected, suggesting the pair could now bounce back after last weeks losses.
PPI numbers were also higher than predicted, providing further evidence that the UK inflation will likely rise in the months ahead.
Today on the 18th August, I have decided to take a long from support on the 12H timeframe. This is because the price since the start of April has been ranging between 1.25023 & 1.28589.
We took a short from the previous resistance and closed our for 2.5R at support. We now have a a target of 2.4R at the 1.27928 area of resistance.
It has taken on average 5-7D to complete the range. Expecting to hold over the weekend.
Fundamentally?
The sterling still managed to rally after the latest UK inflation data came in lower than expected, suggesting the pair could now bounce back after last weeks losses.
PPI numbers were also higher than predicted, providing further evidence that the UK inflation will likely rise in the months ahead.
