It looks like GBPUSD wants to test it's lows again. Whilst compressing withing this range. It hasn't created a new high or low since 29th June/6th July respectively. It will need to break out at some point but doesn't look like it yet. I'll be looking for longs around 1.285 area up into the 1.33 area.
If it reaches 1.285 I would expect to see a period of consolidation, probably a false break to the downside, return to consolidation then make a move up.
It if breaks the low there is the distinct possibility that is could take this as the break of it's compression and continue to drop.
IF GBPUSD reaches parity I will take out a loan and put it all on GBP longs lol.
If it reaches 1.285 I would expect to see a period of consolidation, probably a false break to the downside, return to consolidation then make a move up.
It if breaks the low there is the distinct possibility that is could take this as the break of it's compression and continue to drop.
IF GBPUSD reaches parity I will take out a loan and put it all on GBP longs lol.
