GBP/USD Weakness to continue. Short

British Pound/U.S. DollarFXCM

Description

⋅ Jul 10, 2019 11:06 PM

Wait for a pullback to 1.2560 to short to 1.2360. Over 80% of retail trades are long so this is a contrarian signal against retail crowd.

Comment

⋅ Jul 15, 2019 6:39 PM

Stop limit can be now moved to break even and we can let the position run down to 1.2360-1.2380 mark

Comment

⋅ Jul 16, 2019 8:58 PM

Target 1.2360-1.2380 almost reached. I will close the position before CPI number is publish tomorrow morning. Stop limit can be moved to 1.2515

Trend Analysis

Comments

Matrik888

⋅ Jul 11, 2019 12:18 PM

The pair reached targeted area. It may go one more leg up (around 1.26) before it turns down again. No brexit deal scenario is more likely outcome which should weaken GBP again.