Kumowizard

Some positive divergence, but it is not due to GBP strength!

FX:GBPUSD   British Pound/U.S. Dollar
125 1 7
It is rather due to increasing general USD weakness! So if anyone wants to trade against the heavy bearish GBP trend, I'd suggest to do it so rather via long DXY             . The USD Indx             has quite some GBP weight too, yet you do not have a full GBP exposure against the USD.
No one should fight such a strong trend unless we see some fundamental or technical improvement on GBP side!

I hope you understand what I mean. It can move higher, but long GBPUSD             just can not be a good risk/reward strategic position alone.

Weekly:
- Simply all Bearish . Not much sign of improvement. Unless that we haven't had a lower low in last 6 weeks

Daily:
- Bearish , with some early positive divergences in haDelta, haOscillator
- Key levels: 1,3170+ (possible short term retracement) / 1,3900 (strategic bearish support)
DerekUweri71
3 months ago
Hello Kumo, I totally agree with your point of not going long on such a bearish £ and there is no fundamental change to the £. However, noticing the bullish set up and standing by while it rallies 150 pip as it did today can be ..... not sure what word to use. I wonder if this is a short term correction on the back of the CPI data today or if this is a reversal. I suspect the former.
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