Miss in data to short overextended GBP
Fundamentals & Sentiment
USD:
The sentiment has been bullish in the short-term as market is leaning towards 2 cuts instead of 3 from the Fed this year. The trigger to buy dollar is a solid beat in ISM Mfg PMI.
GBP: Pound is overextended according to CFTC reports, while the UK fundaments hasn't really been backing such a growth - take a sluggish GDP for instance.
Technical & Other
Setup: S(B)
Setup timeframe: 1h
Trigger: 15m
Medium term: Down
Long-term: Range
Min target: the very low of the demand area/ possible breakout from the long-term range
Risk: 0.27%
USD:
The sentiment has been bullish in the short-term as market is leaning towards 2 cuts instead of 3 from the Fed this year. The trigger to buy dollar is a solid beat in ISM Mfg PMI.
GBP: Pound is overextended according to CFTC reports, while the UK fundaments hasn't really been backing such a growth - take a sluggish GDP for instance.
Technical & Other
Setup: S(B)
Setup timeframe: 1h
Trigger: 15m
Medium term: Down
Long-term: Range
Min target: the very low of the demand area/ possible breakout from the long-term range
Risk: 0.27%
Trade closed: stop reached
Closed at the breakeven after trailing the stop
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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.
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.