WHY I THINK GBP IS GONNA *PUMP*
Updated
Hello traders!
As I've been commenting on my last posts, I think the USD DOLLAR INDEX (DXY) is gonna go bearish again one of these days. After a short bullish momentum, with a clear 50% fibonacci retracement, the index is showing some exhaustion symptoms. Therefore, unless we see an unexpected scenario on the next US elections, the index will probably drop again.
Here is when GBP comes out. The pair is shows some interesting bullish indicatiors. On the first hand, the sterling has been rejecting the 1.20 leve since 2017. This is translated on a decreasing of the volume and power of the bears. Also, EMA9 and MA20 on monthly, are converging to a bullish scenario.
It is probably to see a range or short bearish scenario, but I reallty think that GBP us gonna pump on the upcoming months. The first target is to reach 1.40 on the firsts weeks of 2021.
I'll be updating!
Note
GBP is still bullishTrade closed: target reached
Hi traders. Time without knowing from you!
As you can see on the chart, the price has reached our target!
Related publications
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.