GBP/USD - Range Bound - 7/21/2016

FX:GBPUSD   British Pound/U.S. Dollar
33 0 2
Further dips will be supported because Brexit fear trade is somewhat over and now BOE may not ease as much as expected. Of course, downside potential is still there along with headline risks but now further gains from short side will be hard fought.
Every man and his dog is short GBP/USD             and there is nothing wrong with that given the circumstances. But now easy money trade is over. Some trades are very obvious to take e.g. our long USD/JPY             and you just have to stick with that. But unfortunately here the situation is different. Brexit fear mongering has been receded. Osborne is out and now BOE is less excited about going full throttle. Unlike Japan where things are totally different and BOJ is on your side if you buy USD/JPY             . Which can't be said for GBP/USD             shorts.
We are implementing the same strategy as mentioned in previous GBP/USD             trade before BOE decision last week. Buy the dips. We have a good range to work on between 1.3000 and 1.34000 until BOE next month.
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