2 May 2014
GBP/USD: Buying opportunity around the corner? - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, GBP/USD may soon provide a buying opportunity following a pin bar rejection on a slow Thursday.
Key Quotes
"In a slow day with the UK Labour Holiday, the cable has now climbed for a 4th day in a row. The pair has formed a pin bar signal, which is either the kiss of death for this breakout, or a mild rejection that will lead to a pullback, and thus buying opportunity."
"I'm leaning towards the latter, as there still is no evidence of a reversal (yet). So I'll look for pullbacks towards 1.6820 or 1.6781 (~Daily 20 ema) for opportunities to trade with the trend."
"If the pair sells off violently from here, and closes below the latter level and daily 20ema + dynamic support, we may see some profit taking from current bulls, and thus further unwinding."
Key Quotes
"In a slow day with the UK Labour Holiday, the cable has now climbed for a 4th day in a row. The pair has formed a pin bar signal, which is either the kiss of death for this breakout, or a mild rejection that will lead to a pullback, and thus buying opportunity."
"I'm leaning towards the latter, as there still is no evidence of a reversal (yet). So I'll look for pullbacks towards 1.6820 or 1.6781 (~Daily 20 ema) for opportunities to trade with the trend."
"If the pair sells off violently from here, and closes below the latter level and daily 20ema + dynamic support, we may see some profit taking from current bulls, and thus further unwinding."