After hitting a Double Bottom in June 2020, The Pound began to build a Reversal structure this month (July 2020) as it Breakout of the neckline (134.000 level) last week.
Tendency: Temporary Uptrend ( Bullish )
Structure: Double Bottom | Support & Resistance
Observation: i. Our Double bottom describes a change in trend which emphasizes a momentum reversal from prior Bearish price action.
ii. This Reversal looks like a long term prospect but its appropriate that we take it on a week to week basis.
iii . A Breakout off of our Resistance Key Level (neckline) that has been respected since mid-June 2020 became our new Support level in the latter part of last week.
iv. As our New Support gets stronger with engulfing candle, a prospect for a Bull in coming week(s) becomes feasible.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:2.5
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Temporary Uptrend ( Bullish )
Structure: Double Bottom | Support & Resistance
Observation: i. Our Double bottom describes a change in trend which emphasizes a momentum reversal from prior Bearish price action.
ii. This Reversal looks like a long term prospect but its appropriate that we take it on a week to week basis.
iii . A Breakout off of our Resistance Key Level (neckline) that has been respected since mid-June 2020 became our new Support level in the latter part of last week.
iv. As our New Support gets stronger with engulfing candle, a prospect for a Bull in coming week(s) becomes feasible.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:2.5
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
