Stabilization of the Economy and strenghtening dollar.. GBPUSD

With the Us dollar continuing to rise due to the optimistic views of Trump, the people, and the FED; the pound has taken the hit on the bearish side of things. The two more rate hikes this year on a push towards normalization is very exciting to the general public for the USD so its not surprising to see it rising. First off though, in the process of the ECB and president Mario Draghi, reducing monetary easing is bringing out massive side affects like the purchasing of 60 billion dollars worth of government bonds which can easily be weakening the pound indirectly. Also, fears of Brexit and other Geopolitical risks can be playing a role in causing the weakness in GBPUSD. BUT, super Thursday is upon us and the interest rate decision will be made final. According to reports, the BoE rate report is expected to receive little to no major reaction from the markets as it is likely that markets have already priced in probabilities and such when trading the futures and options markets. From a TA perspective 13% of retail traders are net long with a overall sentiment of 58% of traders and institutions standing bearishly intraday but being a bull longer term may not be such a bad idea. Daily price action has adhered to bullish structure and has been able to find support at key areas. From an intraday perspective like mine, after a spike towards the end of April into a new lowest low for May, price action up until recently has been a bit choppy but bullish. It recently triple topped at what seems to be a major resistance area and price just keeps breaking below key sliding support areas on the intraday chart i trade. Bulls seem to be getting outplayed to even be making a push but watch for presumable runned stops that can be considered overshoots and look to enter in what seems to be the preceding downtrend.

Thank you for the support and Constructive Criticism is more than welcome.

Trade with Care!