GBPUSD: Setup of the Week

FX:GBPUSD   British Pound / U.S. Dollar
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Focus for the week will certainly be this Thursday as to whether BoE will cut its Official Bank Rate.

COT is showing that many non-commercials are still holding on to short positions and should BoE decides to remain rate in July, we will see a huge short covering, pushing prices on GBP higher.

On the other hand, a rate cut this Thursday will potentially send GBP to new low for the remaining of the month.

Our approach will be more conservative, adopting a pending sell stop order should price confirm a breakout of the previous low.

Technical Analysis:
Potential Bearish Breakout setup completing @ 1.2790

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