GBPUSD room to fall ?? CHINA/US and Brexit effect's
Morning Traders and Happy New Year,
I hope 2020 is a great year for everyone and a successful one.
So I was having a look at the GBPUSD pair this morning and believe we have potential for some short trades in this ascending bullish channel. No specific entry or
My main reason behind this published chart was the fundamental factors working in the background. Not only is the high 1.32 region a strong resistance and the many failed attempts to break it from mid 2018. But we have many other factors between the two countries on two different fronts.
The US/China trade deal, this has been more smoke than fire the last few months but something will have to give soon, Trump keeps saying close, but that's getting boring now. A good deal could send the $ bullish.
Then we have good old Brexit, also boring, this has been going on for years. Who knows the effect this is going to have as its all speculative.
I have identified 3 target areas in this channel for short T/P zones, the interesting one is the potential long around the 1.28 region, look at the date when this meets the long term support, mid to end of JAN, the Brexit effect should be in full flow by then.
So the main thing for new traders to take away from this is that yes "the trend is your friend" but the fundamental side of a pair can swing a trade the opposite way, It doesn't tend to change the whole direction overnight, but can easily stop your trade out, before returning to the way you had anticipated, Short or Long. always keep an eye on the fundamentals, especially on the things that country's rely heavily on.
Trade safe people and prepare for all outcomes.
I hope 2020 is a great year for everyone and a successful one.
So I was having a look at the GBPUSD pair this morning and believe we have potential for some short trades in this ascending bullish channel. No specific entry or
My main reason behind this published chart was the fundamental factors working in the background. Not only is the high 1.32 region a strong resistance and the many failed attempts to break it from mid 2018. But we have many other factors between the two countries on two different fronts.
The US/China trade deal, this has been more smoke than fire the last few months but something will have to give soon, Trump keeps saying close, but that's getting boring now. A good deal could send the $ bullish.
Then we have good old Brexit, also boring, this has been going on for years. Who knows the effect this is going to have as its all speculative.
I have identified 3 target areas in this channel for short T/P zones, the interesting one is the potential long around the 1.28 region, look at the date when this meets the long term support, mid to end of JAN, the Brexit effect should be in full flow by then.
So the main thing for new traders to take away from this is that yes "the trend is your friend" but the fundamental side of a pair can swing a trade the opposite way, It doesn't tend to change the whole direction overnight, but can easily stop your trade out, before returning to the way you had anticipated, Short or Long. always keep an eye on the fundamentals, especially on the things that country's rely heavily on.
Trade safe people and prepare for all outcomes.
Trade closed: target reached:
Target smashed, potential short term pullback around the 1.32 region before falling to the next target zone, keep an eye on the Iran situation and china trade deal.
trade safe people, prepare for all outcomes.
trade safe people, prepare for all outcomes.