Reason for trade:
Weekly: Previous setup that exited in a loss is still valid, as price did not follow through the bearish momentum to break down lower. On
weekly perspective, a bullish engulfing bar is finally forming after price is being supported for almost about 6 weeks. Weekly moving
averages is still up, suggesting there is still possible upside momentum on a higher timeframe perspective.
Daily: A clear and obvious BB setup in the making. Indicates a strong probability for buy opportunities. Should the moving averages cross
upwards, more bullish momentum will follow. This pair shall run soon and GBP shall strengthen in the coming weeks. Target 1.3570.
Weekly: Previous setup that exited in a loss is still valid, as price did not follow through the bearish momentum to break down lower. On
weekly perspective, a bullish engulfing bar is finally forming after price is being supported for almost about 6 weeks. Weekly moving
averages is still up, suggesting there is still possible upside momentum on a higher timeframe perspective.
Daily: A clear and obvious BB setup in the making. Indicates a strong probability for buy opportunities. Should the moving averages cross
upwards, more bullish momentum will follow. This pair shall run soon and GBP shall strengthen in the coming weeks. Target 1.3570.