---- ANALYSIS ----
... Possible SHORT in formation as profit-taking rally run out of steam from low of 1.2650 to Daily S/R @ ~1.2750
... (NOTE: GBP price action currently driven more by UK news than by fundamentals)
... Small "evening star" doji candle (7am-8am EST) completed. (denotes uncertainty/reversal)
... Cannot really see any contra-indications at this point (i.e. high-probability SHORT)
---- ACTIONS ----
... (next 24hr) Looking to conservatively SHORT @ 1.2710-00 level with TP set at approx. 1.2650 (i.e. 50p pips)
... (This week) Will monitor price action (as well as UK news) for change in sentiment.
--- Possible 100p channel (1.2750 - 1.2650) in formation
... Possible SHORT in formation as profit-taking rally run out of steam from low of 1.2650 to Daily S/R @ ~1.2750
... (NOTE: GBP price action currently driven more by UK news than by fundamentals)
... Small "evening star" doji candle (7am-8am EST) completed. (denotes uncertainty/reversal)
... Cannot really see any contra-indications at this point (i.e. high-probability SHORT)
---- ACTIONS ----
... (next 24hr) Looking to conservatively SHORT @ 1.2710-00 level with TP set at approx. 1.2650 (i.e. 50p pips)
... (This week) Will monitor price action (as well as UK news) for change in sentiment.
--- Possible 100p channel (1.2750 - 1.2650) in formation
Will stay tuned for FOMC Interest rate statement at 2pm EST for further effects on this particular pair...