As the title implies, I'm tempted to go long GBPUSD, and other GBP crosses (like GBPNZD). Fundamentals have been consistently good overall, but there's fear in the air surrounding the uncertainty of the coming elections results. The recent polls towards the May 7th elections imply a tie between the Conservative and Labour parties, and the possibility of both losing ground to smaller ones, like the SNP in Scotland. The rally here has been unexpected, and the last correction the result of bad news, so I don't discount bullish continuation as the next move.
Price is flirting with a historical support level, which is the most frequent price in the monthly chart since 1999 or so. If the move above this level resumes, this might be the start of a strong uptrend. I'll update with my entry.
Time at mode mapping price action very well here.
I'm looking to short the top of this rally before NFP.
PriceActionTrading
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I see. will keep a lookout when NFP nears.
Casey_Yeo
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Waiting for the euphoria over expected Tories' win to push it into 1.5500-1.5600 zone and reverse when euphoria dies...
IvanLabrie
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Yes sir!
IvanLabrie
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I don't see a correlation in currencies...
Casey_Yeo
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Not the past. Present. UK economy picking up well recently. Market sentiment is economy will continue to grow under Tories compared to Labour.
Anyway, not to be bothered much by this. Just follow the price action. Waiting for this to be like the Scotland referendum last year Sep.
IvanLabrie
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I just use fundamentals to time volatility, so yes, sticking to the chart.
I don't claim to understand all that is needed to conduct a fundamental study on currencies. Not even close to that, I barely know how to read a chart. :)
Thanks for the comments.
PriceActionTrading
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I am waiting around 1.5500 to see what unfolds.
IvanLabrie
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Extended the projected range by 3 times already, time expired for that long signal in the hourly.
I want to short this rocket, need confirmation.
I'll be quite bummed if the perfect short entry happens while I sleep...but I need to sleep!
Crossing fingers, off to bed now.
Time at mode mapping price action very well here.
I'm looking to short the top of this rally before NFP.