ridethepig | Teeing Off in GBPUSD
Updated
đź“Ś ridethepig | Teeing Off in GBPUSD
After an interesting Asian session the unlikely looking manoeuvre is preparing to unfold. Why? Because sharp speculators are already beginning to outguess the dovish BOE and directionally are flooding back to USD. A very similar setup to the one we traded in the middle of December flows:
Large macro players have been spotted on the offer, a few moves later and we can be back at 1.313x in little time. Things that develop thereafter will be interesting, for now let's play the initial leg down trapping the unaware buyers who are protecting GBP. Swing the club, and don't mess it up!
Thanks for keeping the feedback coming đź‘Ť or đź‘Ž
After an interesting Asian session the unlikely looking manoeuvre is preparing to unfold. Why? Because sharp speculators are already beginning to outguess the dovish BOE and directionally are flooding back to USD. A very similar setup to the one we traded in the middle of December flows:
Large macro players have been spotted on the offer, a few moves later and we can be back at 1.313x in little time. Things that develop thereafter will be interesting, for now let's play the initial leg down trapping the unaware buyers who are protecting GBP. Swing the club, and don't mess it up!
Thanks for keeping the feedback coming đź‘Ť or đź‘Ž
Note
One way traffic...Note
We are testing 1.361x previous support, lets see if it turns resistance:Note
Time to start thinking about trailing and clearing our positions if we breach back above 1.361x for NY.Note
Sellers starting to lose control as anticipated after losing 1.361x with NY today. This looks like it will end in a scratch trade. We can update the chart tomorrow after we clear UK inflation.Trade closed manually
Overshoots in UK inflation and we are set for the breakup. All positions cleared on the trail.
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