JLS: GBPUSD Heading 1.2700-1.2500 in Short Term
In medium and long term the GBPUSD is bullish as indicated by the U-Shape band, however in short term the pair is still bearish 1.3300-1.2900-1.2500. The pair is strongly defended at central parity of the short term 1.2900 but will not be last. The price could be corrected to upward to the level of 1.2930/50 and defended.
Re-sale/re-short trade will be executed at .12930/50 to target the 1.2700 and 1.2500 of the short term price stability level. The entry rate 1.2930/50 however will be adjusted to the weighted average rate to GBPJPY, GBPCHF and EURGBP, at such the 1.2930/50 could be higher or lower subject to the performance of the average weighted rate. Stop loss could be placed 50 PIPs above the final averge weighted rate and should the short trade to be executed at 1.29030/50 then the likely stop loss shall be 100 PIPs above that entry rate.
Re-sale/re-short trade will be executed at .12930/50 to target the 1.2700 and 1.2500 of the short term price stability level. The entry rate 1.2930/50 however will be adjusted to the weighted average rate to GBPJPY, GBPCHF and EURGBP, at such the 1.2930/50 could be higher or lower subject to the performance of the average weighted rate. Stop loss could be placed 50 PIPs above the final averge weighted rate and should the short trade to be executed at 1.29030/50 then the likely stop loss shall be 100 PIPs above that entry rate.
Comment:
GBPUSD will still be under pressure (1.3300/75-1.2700 and lower) until the average traded weighted rates with GBPJPY, GBPCHF and EURGBP to be reached. And, GBPJPY and the GBPCHF still underway to downward while EURGBP still underway to upward.
Comment:
Consistent to estimation