GBPUSD (Long)

3 nov 2018

Looking for GBPUSD to retrace a little bit longer. It was well over due after a 250 pip daily close, last time GBPUSD even got close to that was back in January. Either a serious momentum shift or a planned stop run on all long term short sellers of cable. You never know unless we see continuation. I have noted key areas of value on Gu and will be looking for buys round these areas. These will be great areas for longs as both areas are protection zones with a sprinkle of extra confluences. These are the only candles we can see now as well, will be looking for pin bars, hammers, etc. As much as possible to indicate we are going up. After Carneys speech on Thursday. He specifically said a few times no deal is the least likely decision which cause GBP to strengthen hence why we had a parabolic 250 pip daily close, the market has seen this much GBP strength in months, almost a year. Momentum shift or stop run? Will find out next week!