Fundamental Analysis:- With the latest Interest Hike by the BOE they made it quite clear that their intentions where not to start a rate hiking cycle. Even though they raised interest rates it is unlikely they wil raise again until 2019 which along with the pressures of brexit should weaken the currency. With the US likely to raise again in December we should see a stronger US dollar.
Technicals Ananlysis;- The recent appreciation of the GBP is a 50% pull back of the September to early October short trend which indicates resistance at this level. The engulfing candle at this level on the 4 hour chart shows sellers coming into the market in anticipation of Mark Carnys' speech tomorrow.
Entry price:- 13320 - 13340
stop loss 13390
take profit 13000
Technicals Ananlysis;- The recent appreciation of the GBP is a 50% pull back of the September to early October short trend which indicates resistance at this level. The engulfing candle at this level on the 4 hour chart shows sellers coming into the market in anticipation of Mark Carnys' speech tomorrow.
Entry price:- 13320 - 13340
stop loss 13390
take profit 13000
Trade active:
Moving stop loss to entry level of 13330
Trade closed: stop reached:
due to the Brexit negotiations reaching a possible agreement on the cost of the U.K. leaving the European union the GBP gained strength and I got stopped out evens on this trade