Short taken from 1.3209 currently standing at breakeven...
The BoE kept its monetary policy unchanged on Thursday, consequently sending the pair sharply lower. As can be seen from the H4 chart, price bottomed just ahead of the 1.31 handle, buoyed by a channel support line etched from the low 1.2932. As we write, the balance between bids/offers appear to be even between the current channel support and the nearby mid-level resistance at 1.3150.
For those who follow our reports on a regular basis, you may recall that our desk recently took a short position from 1.3209, with conservative stops planted at 1.3280. Our reasoning behind executing a short position from here was strong: daily supply at 1.3278-1.3179, a daily trendline resistance taken from the high 1.3477, a daily channel resistance drawn from the high 1.2903 and two converging daily AB=CD (green/orange arrows) 127.2 Fib extensions at 1.3222/1.3223 (taken from the lows 1.2811/1.2365). Also, for you RSI fans, there was daily divergence in motion, as well. In light of the recent move lower, we have moved the stop-loss order to breakeven.
Our suggestions: In an ideal world, we’re looking for the unit to continue pressing lower today, breaking through the H4 channel support line and also the nearby 1.31 handle. Assuming that this comes to fruition, the 1.3050 region will be in sight – a level we’ll be looking to take partial profits at given its relationship with the daily support area at 1.3058-1.2979 (the next downside target on the daily scale).
For those who follow our reports on a regular basis, you may recall that our desk recently took a short position from 1.3209, with conservative stops planted at 1.3280. Our reasoning behind executing a short position from here was strong: daily supply at 1.3278-1.3179, a daily trendline resistance taken from the high 1.3477, a daily channel resistance drawn from the high 1.2903 and two converging daily AB=CD (green/orange arrows) 127.2 Fib extensions at 1.3222/1.3223 (taken from the lows 1.2811/1.2365). Also, for you RSI fans, there was daily divergence in motion, as well. In light of the recent move lower, we have moved the stop-loss order to breakeven.
Our suggestions: In an ideal world, we’re looking for the unit to continue pressing lower today, breaking through the H4 channel support line and also the nearby 1.31 handle. Assuming that this comes to fruition, the 1.3050 region will be in sight – a level we’ll be looking to take partial profits at given its relationship with the daily support area at 1.3058-1.2979 (the next downside target on the daily scale).
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