Similar to EURUSD, GBPUSD's rise last week was quite strange. I expected a pullback to the 1.2950 but GBPUSD reached even higher breaking the 100D EMA and also the BEARISH channel in the process.
However, this rise is due to US Dollar sell-off and not GBP strength which makes it possible that the entire rally will fade in the weeks to come.
So, if I see GBPUSD facing resistance in the 1.3050-1.3100 zone, I will sell multiple small lots of GBPUSD@1.3050-1.3100 with SL above 1.3180.
TPs can be placed at 1.2960, 1.2850, 1.2730 and 1.2550
However, this rise is due to US Dollar sell-off and not GBP strength which makes it possible that the entire rally will fade in the weeks to come.
So, if I see GBPUSD facing resistance in the 1.3050-1.3100 zone, I will sell multiple small lots of GBPUSD@1.3050-1.3100 with SL above 1.3180.
TPs can be placed at 1.2960, 1.2850, 1.2730 and 1.2550
Order cancelled
GBPUSD didn't face any resistance and shot through it. Trading set-up invalid.Technicals nor Fundamentals will work here. Just stocks and money flow into bonds will determine where currencies move. I advise everyone to stay away until things get stable
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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.