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British Pound / U.S. Dollar
Long
Updated

GBPUSD bottoming (US trade deal matters less than soft Brexit)

114
The British pound remains in a downtrend for now- but appears to be transitioning to a sideways range from 1.305 to 1.335
Fundamentally what Trump says about a US trade deal (GBP negative) matters less than improved chance of a soft Brexit from new UK gov whitepaper (GBP positive)

Scenario A) Downtrend pauses -- Price rebounds from 1.305-1.31 support zone to target 1.33 resistance

Scenario B) Downtrend resumes - Price breaks 1.305 (June low) to target 1.28 (Aug '17 low)
Note
Scenario A) playing out nicely - 30 pips shy of 1.33
Trade closed: target reached
Scenario A) worked, though careful MM needed to TP as price reached 10 pips shy of 1.33 before reversing back to entry point
jasperlawler
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GBPGBPUSDpoundsterlingdollarSupply and DemandSupport and ResistanceTrend Analysis

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GBPGBPUSDpoundsterlingdollarSupply and DemandSupport and ResistanceTrend Analysis
jasperlawler
Signup to my newsletter:
tradingwriters.substack.com/

Market Analyst for:

WeTrade
wetradebroker.com/education/analysis/jasper/

SpreadEx
spreadex.com/financials
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.