GBP / USD Short Idea
Updated
Bearish view here.
Due to the Political failures and cost of living crisis, i only see one direction for the GBP going into the Inflation Reports on the 19th October. I expect Inflation to rise and continue to place pressure on the Pound further as seen in the past few months. I can't see the price entering any lower than 1.06700 as the buying opportunity and retracement will be too strong, but i expect to see price dropping to one of two levels.
- (1.06700 or 1.09560)
Previous Political news also has shown that the UK is the only major country to not have recovered from Covid and going into the winter months; accompanied with the Energy crisis and overseas conflicts, the USD simply has a stronger outlook for the next few weeks.
- Note to never risk more than 1-3% of your account on any given trade.
- Stop loss at 210 Pips to give room for market noise.
- Take Profit at 625 Pips or 339.
Please form your own research but I hope this can give some advice or fuel for ideas to be generated.
Due to the Political failures and cost of living crisis, i only see one direction for the GBP going into the Inflation Reports on the 19th October. I expect Inflation to rise and continue to place pressure on the Pound further as seen in the past few months. I can't see the price entering any lower than 1.06700 as the buying opportunity and retracement will be too strong, but i expect to see price dropping to one of two levels.
- (1.06700 or 1.09560)
Previous Political news also has shown that the UK is the only major country to not have recovered from Covid and going into the winter months; accompanied with the Energy crisis and overseas conflicts, the USD simply has a stronger outlook for the next few weeks.
- Note to never risk more than 1-3% of your account on any given trade.
- Stop loss at 210 Pips to give room for market noise.
- Take Profit at 625 Pips or 339.
Please form your own research but I hope this can give some advice or fuel for ideas to be generated.
Note
Inflation report MoM show 0.1% higher inflation than forecasted.
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.