GU is technically cooking next move after a bit longer period of consolidation after 2 upward legs which created this new bullish trend from weekly support. Dollar paired some losses since October while GBP used that opportunity with combination from positive tones for Brexit. This week we will also get BOE rate decision which will definitely increase volatility on the markets due to almost even chances of cut-hold decision chances. Market is more sensitive and cautious since 'Coronavirus' fears which sent market into more risk-off causing dollar and safe havens to appreciate vs risk currencies. Also post brexit trade talks will be interesting to watch and it is still difficult to fundamentally forecast longer term Sterling direction.
However, in such situation technicals and banks positioning is worth to watch. We are still bullish on pound and support looks good so far, not breaking down to create lower lows! For good r/r ratio I will take my chances going long on bullish overview. One of the rare times I disagree with sentiment with small stake, but good plan! If drop happens, I will look to re-enter lower.
However, in such situation technicals and banks positioning is worth to watch. We are still bullish on pound and support looks good so far, not breaking down to create lower lows! For good r/r ratio I will take my chances going long on bullish overview. One of the rare times I disagree with sentiment with small stake, but good plan! If drop happens, I will look to re-enter lower.