Open to both possibilities, would side with longs for now
Since UK GDP is due in next 48 hours, i don't think it should make a breakdown yet, plus i see a bullish cross over developing in 4hrs, it could well be a fakeout as well. If it doesn't double bottoms or goes up from here then we can expect further drop to 1.90750.
I have longed 25% of my intended long exposure at 1.92450, would increase exposure, if Pre-london price action supports the bias and the ichimoku cross over matures. Until we create a new low below 1.91600, we can't say that the corrective pullback is over or the dominant uptrend is gone.
I have longed 25% of my intended long exposure at 1.92450, would increase exposure, if Pre-london price action supports the bias and the ichimoku cross over matures. Until we create a new low below 1.91600, we can't say that the corrective pullback is over or the dominant uptrend is gone.
Nota
So, far the direction picked is accurate and bullish crossover is intact, i would probably cut my exposure before UK GDP release. If 1.94000 is recaptured then 1.94650 would be fast. However, depending on the numbers, it can result in 200 pips swing tonight, i would rather play safe. The chance of price coming to 1.9000 is high if GDP disappoints
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