LONG-TERM SHORT GBPUSD
Updated
- The bigger picture for the GBPUSD is that the Bank of England is stepping away from the idea of hiking in May as was previously expected.
- The Fed is hiking 3 or 4 times this year. The recent departure from a BOE hike and the USD strength has weighed heavily on the GBP/USD pair.
- This has not been helped by a slew of bad data for the GBP. We are half way through the week and so far for the UK we have one good piece of data (Construction PMI) and one bad (Manufacturing PMI). (The Services PMI is still to come tomorrow)
- While the Fed is widely expected to hold steady on interest rates for this meeting - traders will be looking for hawkish language from the FOMC on Wednesday's meeting.
- The decline on the pair may have paused but is 100% not over yet.
With Brexit Concerns, the British economy softening and a strengthening dollar NeroTree Capital targets 1.30000 on GBPUSD over the next 52w period.
- The Fed is hiking 3 or 4 times this year. The recent departure from a BOE hike and the USD strength has weighed heavily on the GBP/USD pair.
- This has not been helped by a slew of bad data for the GBP. We are half way through the week and so far for the UK we have one good piece of data (Construction PMI) and one bad (Manufacturing PMI). (The Services PMI is still to come tomorrow)
- While the Fed is widely expected to hold steady on interest rates for this meeting - traders will be looking for hawkish language from the FOMC on Wednesday's meeting.
- The decline on the pair may have paused but is 100% not over yet.
With Brexit Concerns, the British economy softening and a strengthening dollar NeroTree Capital targets 1.30000 on GBPUSD over the next 52w period.
Trade closed manually
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