I am shorting GBPUSD in the 1.28-1.29 zone because of 4 technical reasons. 1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows) 2. This zone is also an 618 retracement of the impulse move marked as "1 to 2" 3. The RSI/7 will most likely be overbought once it hits this...
Price is at an interesting point currently on the GBPUSD 1H Chart, sitting at a local support level. A break of the local support level would warrant movement towards TP Zone 1. A bounce off the support level would see price move to the Resistance Level. At the resistance level price may then breakout yet again and travel towards the Long TP Zone. However, we...
As expected BOE stood pat on their rate decision reiterating much of which was said last week by Gov M. Carney, the need for more analysis to be done is/ was key - " "Detailed Analysis" of All Policy Options Required" and "Extent Of Additional Stimulus Will Depend on August Forecasts". IMO the notes were very bearish and almost but 100% chance of some sort of...
A disappointing open from cable with a bears perspective. Gapping down 100 pips to 1.435 almost immediately puts my sell limit orders (at 146.5) in "unlikely" territory of being hit this week. On friday following the $ EMP report cable managed to rally to 1.458 - i was hopeful it would tick a few more pips upward before the slew of selling started as we move...