GBPUSD: Rejection at descending trendline
Updated
We saw GBPUSD spike today following the favourable employment news and then reject the descending trendline (confirmed with doji and then rejection). Fundamentally there has been negative PMI data (manufacturing was green but still below 50) to support my view, so I think the bigger downtrend will continue.
I also don't believe the USD is done yet, it will remain strong due to current International conflict, the risk this brings and the need for dollars.
Keeping a close eye as always on the fundamentals this week, but if we breach 1.2165 - 1.250 (yesterdays support area) then we should hit my target area.
I also don't believe the USD is done yet, it will remain strong due to current International conflict, the risk this brings and the need for dollars.
Keeping a close eye as always on the fundamentals this week, but if we breach 1.2165 - 1.250 (yesterdays support area) then we should hit my target area.
Trade closed manually
Banking my 50 pips ahead of the news, DXY sat at resistance, may get back in depending on what happensTrade active
Trade closed manually
Few more pips, done on this pair for today
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