Whether your like trading short or longer time frames, I got yo back with these trend and countertrend plays on GBP/USD and EUR/GBP. Check them out and see if you can make pips before the week ends!
Trend playas huddle up! GBP/USD just found support around the 1.4100 major psychological handle, which isn’t surprising since it’s right smack at a 50% Fib retracement AND the top of the ascending channel that the pair recently broke.
With stochastic just leaving the oversold territory, you can bet that other bulls are watching this one too. A long trade at current levels would get you a good reward-to-risk ratio especially if you place your stops just below the Fibs.
Watch this one closely, brothas!
Here’s one for my countertrend- trading homies out there! EUR/GBP is sporting a hammer on the daily chart. What’s more, it popped up around the channel support that has been holding since September!
Will the euro get some reprieve against the pound? Buying at current levels would give you a sweet reward-to-risk ratio especially if you aim for the top of the channel around .8900. Just remember that countertrend trading isn’t for everyone, aight?
If you’re not one of them euro fans, though, then you could also wait for the pair to make new weekly lows and trade a downside breakout.
Whichever bias you choose to trade, make sure you practice good risk management and use wide stops on currency crosses like these!