ridethepig

ridethepig | Continue To Sell GBP On Rallies

Short
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Here tracking 1.295x as the level to recycle and load more shorts. Well done those following from the original short-term swing which was triggered on the cabinet reshuffle (see diagram below). As widely expected GBP suffering as markets began to look towards the EU negotiations kickstarting in March. Both sides are very wide apart and no-deal Brexit looks set for year end.


The flows are all in-line so far with the long-term macro picture. It is playing out perfectly and looking to sell rallies with risks skewed towards the downside makes sense to me.


Medium term targets are located below at 1.21 and 1.15 - these are in play for 1H 2020 if things get very bad with USD strengthening via panic around virus impact and risks while GBP softens as UK lose PPP in the immediate term.

Well done those already selling Sterling, and good luck anyone look to load more on rallies. I am happy to sit short and work the sell-side in Cable. The ideas are no less imaginative than those of last year which turned out to be a 1,000 tick trade:


Thanks as usual for keeping the likes, comments and charts coming !
Trade active
Trade closed: target reached

Comments

Accurate opening price
Very Good
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Thanks @KELLEN ... holding so far..
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ridethepig ridethepig
Buyers ran the highs but could not break for the weekly close. Eyes on any gaps down later...
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Eyes on The approach
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