Short term is but no interest in GU topside.
INSTEAD we let the technicals play out, hopefully carrying us back to 1.465-7, then we SHORT from these levels where several resistance levels lie and resistance tightens.
I love the SHORT GU play every time until the 15th this month..
1. FED hawkish momentum continues to be priced into LOWER GU - only 24% is currently priced in, this may/SHOULD become > 40% which is lower GU.
2. Brexit uncertainty will indefinitely take us to 1.40-3 by the 23rd of june.
thus shorting GU from 1.46-7 can give us 8-1 reward-risk... 50 pips risk 400pips TP down to 1.43/42 by the 23rd of June..
GU lost 700pips in december after the last hike, it is very sensitive to US Fed - unlike UJ and EU