The price is trading inside a 1D Channel Up, which has recently priced its Higher Low (RSI = 54.649, MACD = 0.000, Highs/Lows = 0.0111). We are expecting a Higher High now, hence we are long with TP = 11.200. In case the price reverses to test the support we will open an additional long at 10.800.
heya thanks and nice chart but what about Brexit vote coming up?
InvestingScope
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@majorlee, Hi, the Brexit consequences on GBP cannot be predicted, so regarding this political macro, one has to simply take sides (risky). On this chart we are only following the technical patterns.
majorlee
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@InvestingScope, sure i understand but be good to warn people about possible 'freak' volatility and see where the dust settles and make a play afterwards?
InvestingScope
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@majorlee, Correct, but that is why we included the possibility of making a reversal to 10.800. It is unlikely to break a 5 month long Channel Up by a wide margin even due to the Brexit vote. Of course this is only our opinion.