GBPUSD: Rejection from trendline, supported by fundamentals?
Updated
As we can see price has is currently respecting the descending trendline again.
I'm expecting the BoE to maintain their hike-pause stance, this result is already baked into the price...
I'm placing a small trade on the basis that my expectations will be correct...
If there's a pause or reduction (highly unlikely) I'm expecting a fall back to around 1.208 to continue the creation of the wedge, important not to be greedy here as I feel like we could break out of the wedge at anytime, so probably will be considering buys once this trade is closed and keep a close eye on PA in the LTF's.
Let's see what the BoE do!
I'm expecting the BoE to maintain their hike-pause stance, this result is already baked into the price...
I'm placing a small trade on the basis that my expectations will be correct...
If there's a pause or reduction (highly unlikely) I'm expecting a fall back to around 1.208 to continue the creation of the wedge, important not to be greedy here as I feel like we could break out of the wedge at anytime, so probably will be considering buys once this trade is closed and keep a close eye on PA in the LTF's.
Let's see what the BoE do!
Note
Obvs this didn't work out as expected, mainly due to the USD weakness from what I can tell.Getting back in soon, as I see the US data as being positive for the FED mission, and the economy is still strong, and inflation coming down, so interest hikes forecast aside I'd rather have USD's in my pocket than GBP's.
Think this move is a fakeout...
Note
Broken back inside my dynamic descending trendline, retested it and looks like it's going to create a LL (1hr), should be good to drop now, providing Gov Bailey doesn't scupper things in his speech shortly....
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