Looking for a long once price returns to the golden box. Although the market structure in the weekly and daily time-frames shows us a loss of momentum for the bulls in recent weeks the overall bias on this pair is still bullish when taking fundamentals in to account which suggest further growth for the pound as markets continue to react positively to movements towards Brexit.
Order cancelled:
Given the run of worse than expected news for the pounds in the past week or so I am no longer looking to long this pair as my fundamental bias is now bearish in the short term. We have GB PMI data due out next Friday which, if worse than expected, could be the final and strongest indicator that we are heading for a rate cut - in turn this will put a lot of downward pressure on the pound.