The new monthly candle opened yesterday, i saw price drop down to 136.500 and thought that the price would bounce from that level and push up to 138.000.
On a second look, it does make sense why price has dropped down to this level. If there isn't enough momentum to propel this months candle then price would drop down to the nearest liquidity spot to tap into more fuel before returning back up.
My idea:
Price has dropped down to test 136.000 again for the 5th time. I'm anticipating another bounce back up to 137.000 and if it breaks out there is more potential to go to 137.500 & 138.000.
I'll be waiting to see if the bearish momentum dies down or holds to know what to do next but my sights are set on Buys only on the fact that 135.999 and below are unsustainable prices if the pound is trying to stabilize.
The goal is to see price close above 136.000 on the higher time frames.
On a second look, it does make sense why price has dropped down to this level. If there isn't enough momentum to propel this months candle then price would drop down to the nearest liquidity spot to tap into more fuel before returning back up.
My idea:
Price has dropped down to test 136.000 again for the 5th time. I'm anticipating another bounce back up to 137.000 and if it breaks out there is more potential to go to 137.500 & 138.000.
I'll be waiting to see if the bearish momentum dies down or holds to know what to do next but my sights are set on Buys only on the fact that 135.999 and below are unsustainable prices if the pound is trying to stabilize.
The goal is to see price close above 136.000 on the higher time frames.