The British pound is moving away from the 1.2876 level against the US dollar after the pair traded to a new monthly high on Wednesday. The recent breakout above the 1.2720 level is a bullish development for the GBPUSD pair and has increased dip-buying interest. Overall, medium-term analysis is still showing that the GBPUSD is unlikely to break the 1.2900 resistance level this week.
• The GBPUSD pair is only bearish while trading below the 1.2720 level, key support is found at the 1.2660 and 1.2515 levels. • If the GBPUSD pair trades above the 1.2720 level, key resistance is found at the 1.2878 and 1.2900 levels.
@hiruchi, hello Hiruchi.
firstly thank you for getting in touch. don't panic. Use this experience as a learning tool.
Do you have any reason to be in this trade? If so, is that reason still valid? If it is valid, at what point is it invalid?
Cable is currently at resistance. However, 1.3000 is a big magnet for price so some traders will be keen to capture it. Other traders have been long since 1.2000 and will have taken some profits by now. The question is are there still more buyers than sellers in this currency pair?
The UK government is about to make a very important decision and there will be volatility surrounding this weekend. Can you afford to risk more in the Hope that your trade idea comes good? How would you feel if you were out of this trade but then saw your idea come back to where you thought it should?
You need to tread carefully and make a rational decision. Make it in the interest of being able to come back on Monday and trade again - with a plan - with a strategy - with a reason to click buy or sell.
I would personally like this to come back down to support but the decision could go against me based on the political situation, so holding overnight or over the weekend is not an option for me.
any chance to below 1.24000 or touch?
already $90 down.
please help.