Depending on how the DXY reacts, I still see the pound down to at least $1.29. Similar to EU, we had a push up early last week but if you check the daily chart it was just a pull back before weak UK retail numbers were released on Friday, giving the smart money conviction to make their big move down.
I have an open order to short the cable, which will hopefully trigger after a false move up at the start of the week. Of course we could not quite reach it and we could just see more and more downside before a bounce but we’ll have to wait and see. Again, with a close eye on the DXY, I’ll be looking for the banks to show their hand first before I fine-tune my entry.
I have an open order to short the cable, which will hopefully trigger after a false move up at the start of the week. Of course we could not quite reach it and we could just see more and more downside before a bounce but we’ll have to wait and see. Again, with a close eye on the DXY, I’ll be looking for the banks to show their hand first before I fine-tune my entry.