GBPAUD READY TO PLUNGE - LIKELY PULLBACK WITHIN NEXT 24 HOURS
NOTE: This is just analysis/advice, do not FOLLOW this trade blindly - I take no responsibility for it...
Ideally looking for this currency pair to enter a sell-off after potential news of the UK's GDP figures (output produced by the UK / economic growth / announced 9:30am UK time).
With Italy and Germany recently heading into a recession, it is possible that the UK could be next to fall into one, causing the GBP to weaken. Additionally, the Brexit situation and business uncertainty should look to drive the UK economy weaker, making the GBP weaken.
I feel there is time to make a perfect entry for a healthy profit and have drawn the potential support and resistance regions where I feel price should bounce around.
Currently, I see this pair rallying till the figures are released.
For this trade, I have placed a tight stop loss to make this a less risky trade in case it does start to rally in which case I can enter a new position. I am currently testing some new concepts for trading...
Reasons for the GBP weakening:
- Blaming Brexit uncertainty and slowing global growth, the central bank has cut its forecast for 2019 growth to 1.2% from 1.7%. This would be the weakest growth since the recession of 2009.
- The BoE said it had seen further evidence that businesses were being cautious in the run-up to Brexit, including evidence from its own survey of firms.
- As expected, interest rates remain unchanged at 0.75%, with the Monetary Policy Committee voting unanimously for no change in the base rate. Sterling fell against other currencies in response.
- The BoE put the fall in growth down to a decline in business investment and housebuilding, as well as a halving of the growth rate in exports.
- The BoE even sees a one-in-four chance of the economy slipping into recession in the second half of this year.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Ideally looking for this currency pair to enter a sell-off after potential news of the UK's GDP figures (output produced by the UK / economic growth / announced 9:30am UK time).
With Italy and Germany recently heading into a recession, it is possible that the UK could be next to fall into one, causing the GBP to weaken. Additionally, the Brexit situation and business uncertainty should look to drive the UK economy weaker, making the GBP weaken.
I feel there is time to make a perfect entry for a healthy profit and have drawn the potential support and resistance regions where I feel price should bounce around.
Currently, I see this pair rallying till the figures are released.
For this trade, I have placed a tight stop loss to make this a less risky trade in case it does start to rally in which case I can enter a new position. I am currently testing some new concepts for trading...
Reasons for the GBP weakening:
- Blaming Brexit uncertainty and slowing global growth, the central bank has cut its forecast for 2019 growth to 1.2% from 1.7%. This would be the weakest growth since the recession of 2009.
- The BoE said it had seen further evidence that businesses were being cautious in the run-up to Brexit, including evidence from its own survey of firms.
- As expected, interest rates remain unchanged at 0.75%, with the Monetary Policy Committee voting unanimously for no change in the base rate. Sterling fell against other currencies in response.
- The BoE put the fall in growth down to a decline in business investment and housebuilding, as well as a halving of the growth rate in exports.
- The BoE even sees a one-in-four chance of the economy slipping into recession in the second half of this year.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Comment:
Stop loss on chart drawn hit but perfect time for re-entry I think...
Comment:
Failed setup. Close the trade if open I think - it may just pullback to 1.82300.
Comment:
Ended up hitting stated target exactly but was taking too long...