The GBP tried to break the
downtrend several times and we noticed that there are clear signs of an end of
the sharp bearish wave that the pair has been subjected to and pushed it to
test the strong support levels 1.3020 which proved its ability to push the pair
back to target areas The main resistance was 1.3200, but the pair declined sharply
towards 1.2927 during yesterday's trading, prompting traders to enter into
short positions, which led to a panic in the markets as a result of the selling
operations which increased by the automated trading which opens deals without
human intervention when there is some (These factors have already caused price
skips and more flash crash) but they did not see that these sharp fluctuations
are normal in the midst of what is happening now and it makes sense to look
positively at the end of the pair and consider these declines suitable
opportunities for repurchase as long as the pair The highest level is 1.2800
Yesterday we made it clear that we
would prefer to re-enter to buy from 1.3030 and still we would expect to
re-enter from the current levels 1.2927 again
Of course, it could be cumbersome
to the nerves of traders, but what should be recognized is that the worst
British exit scenarios seem to be absorbed within the current price margin.
Markets have long been dealing with the pound as if a country were in a war and
yet there is an agreement that we will not see collapses On sterling prices and
each time there were sharp declines followed by a sharp rise up to 1.37 levels
Overall, the British economy is a
strong economy that is currently shedding loads and the euro zone will suffer
as much as Britain will
suffer in the case of rough exit, but the battle of finger biting no more and
we do not notice the impact of even the exit operations of companies from Britain during
the last period
So we still recommend buying and
re-buying the pound sterling especially against the dollar and the Japanese yen
from the current levels, while setting our goals away from current levels, we
are talking mainly about investment deals that we may leave on the trading
platforms for more than a month
Trading Recommendation
Re-buy the pair (following previous
recommendations) from existing areas
Take the first profit 1.3150
Take Second Profit
My recommendations and analysis can
be tracked through
My official website
http://www.hishamyounes.net
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