This pair formed a shooting star on the H1 on Friday and also ended the day with a bearish candle on the Daily chart. I did not want to open a new trade just before the weekend although the pair fell more than 100p after the shooting star was formed. I will be looking for pull-backs to resistance zones to sell the pair to about 1.71 support. The pair consolidated after NFP news as you can see on the H1 at 1.730 support area. I would like to see this pair re-testing 1.7415 resistance area (if it retraces that far) and then commence selling, but I will be looking for any bearish signals on my time-frames for entries. You will have to use fairly big SL for this pair due to volatily. Also, trading GBP this week before the election will be risky, so keep this in mind. I will also be watching for weakness in GBP and strength in AUD prior to placing trades, so it may be a good idea to watch the ASIAN OPEN session on Sunday and the London session on Monday.


Source: Queen of Pound

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