Similar to the USDJPY trade I'm taking a position based on two things, price is at channel resistance whilst DXY is at support. Granted, DXY hasn't necessarily been performing well in the past couple of months but I believe we have found a bottom.
I think we see a DXY rally which will negatively effect other currencies vs the USD base.
Trade closed: stop reached
GBPUSD:
Stopped out of this. DXY is trading like it's the new global reserve toilet paper.
Will look to see how price reacts on a retest of that channel breakout before entering new positions.
Note
Retested the channel breakout and claimed successfully. Trade invalidated. Note
Watching this closely as price once again trades near the upper channel R/S
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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.