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After successive losing days, my gamble on a GBP retracement paid off. Good to finally have a large one in the bank. Will keep watching GBP crosses for the next tradable trend wave. Also eyeing a couple of other setups. Meanwhile, the USD remains range bound; but it's a no go area pre-NFPs as the fundamentals (ADP vs ISM) are conflicting. Hopefully NFPs should be the tiebreaker. Happy trading folks.
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Plan for the coming trade week
I expect the Gbp crosses to open flat tonight
Gbp has fallen a long way after the Brexit decision,
and although no big bounce is expected - there will be some fluctuations around the 1.30 level, for sure
I am long GbpNzd at the moment and will look to add another Gbp cross long
gl all
Gbp has fallen a long way after the Brexit decision,
and although no big bounce is expected - there will be some fluctuations around the 1.30 level, for sure
I am long GbpNzd at the moment and will look to add another Gbp cross long
gl all
BOE rhetoric to send GBP crosses higher.
EURGBP advance stalled after hitting former(monthly) trendline support turned resistance @ 0.7770. Additional resistance in the zone comes from July 2012 low of 0.7755. A reversal pattern is already evident on the daily chart with a CCI trend line break. We're looking for price to close below its 20-day SMA to confirm a trend reversal and the fundamental trigger might be the BOE statement regarding future rate hike expectations and economic outlook to be released on Thursday.