When price hits 155 things are going to get dangerous and a massive explosion is going to happen! Bulls are going top push price into this 155 level then from there bears will take over and massively push price down.
The reason 155 is such a key level is self explanatory from looking at my chart, but you can see the 155 level has been used a number of times before both as strong support and resistance on the monthly timeframe! This alone is enough for me to take the trade, but we also have a trendline that price is fast approaching, the next touch of this trendline will be the 3rd touch and lines up with our 155 level! That make 2 confluences which is mental on the monthly timeframe.
At the moment i am in a long trade just up to the 155 level, but as we get closer to 155 i will close these trades and open shorts.
This is going to be a mega trade, i very rarely get excited about a trade but this 1 i am.
If you want to know anything else then just message me.
Great idea mate, hopefully this is right I'm currently in a 305 pip short trade for this pair, TP is set for 444 pips so hopefully it keeps pushing to the downside!
rer3
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I think this Friday GBP will drop until 148 . cuz I'm from future . I typing this comment on 12 April 2021.
Premier_FX
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@cipan22, WOW in that case please let me know what the lottery numbers were in 3 days time haha. Why you think 148?