BombayBulls
Long

GBP/USD - Pound Resurrection - 9/1/2016

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
137 0 5
It would be a waste of time to say anything definitive ahead of NFP release Friday. So we won't dwell much on any particular technical trade but GBP/USD             is something we can focus on. We are long GBP/USD             based on this rationale and looking for the test of 1.3400 soon. We mentioned in previous post that shorting pound is going to hurt a lot and wise trader should look for opportunities to buy. NFP can throw a wrench on all good planning but in case if it is another blockbuster NFP then again, pound will be a buy on good dip.
Everybody is fed up with Fed's dithering but if they gather courage to walk the talk and raise the rate on September meeting then it will be another huge dip buying event in other pairs e.g. EUR/USD             , AUD/USD             and NZD/USD             . They are kind of in a wishy-washy zone and should be traded accordingly. That translates into, not chasing higher and buying the good dip at support.
Now coming back to the pound, if Brexit headlines can keep the low profile and data points towards the stabilization or slight upward bias then a huge short squeeze will materialize. For that, 1.3500 needs to go away and that's not an easy task. Let's see what NFP brings tomorrow and we will tweak the position accordingly.
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