Due to the Political failures and cost of living crisis, i only see one direction for the GBP going into the Inflation Reports on the 19th October. I expect Inflation to rise and continue to place pressure on the Pound further as seen in the past few months. I can't see the price entering any lower than 1.06700 as the buying opportunity and retracement will be too strong, but i expect to see price dropping to one of two levels. - (1.06700 or 1.09560)
Previous Political news also has shown that the UK is the only major country to not have recovered from Covid and going into the winter months; accompanied with the Energy crisis and overseas conflicts, the USD simply has a stronger outlook for the next few weeks.
- Note to never risk more than 1-3% of your account on any given trade. - Stop loss at 210 Pips to give room for market noise. - Take Profit at 625 Pips or 339.
Please form your own research but I hope this can give some advice or fuel for ideas to be generated.
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Inflation report MoM show 0.1% higher inflation than forecasted.