AnriErikanov

BUYING BACK THE STERLING LONGER TERM INVESTMENT

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
38 0 1
Since the brexit release we saw the stock market plummit as much as 5% in a day reducing the possibilities of a rate increase-> reducing possibilties this pair could head more bearish

however : I am positive about the sterling , If indeed the economy weakens we see a slowdown wich could also lead to lower inflation -> increases the value of the currency.

Other scenario: Because of the cheap currency price foreign investors looking to invest in UK stocks increasing the demand for the sterling.

Technicals :

Strong Divergence between the RSI and price chart shows an underlying strenght
On the hourly there is a pennant pattern indicating a move to the upside wich makes a good entry

Price is at a strong support that has hold twice since 2001 and 2008 !

Target is not placed since were dealing with such a big time interval. Will depend on the Economic situation.
Stops set below the support range
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