GBPUSD: Retracement, maybe reversal?
Updated
Been watching this pair closely and made some good pips in the past week, however I got spooked last night and closed my sells (albeit 50 pips too early), but my calculation seemed to be broadly right.
To me it's looking like a fake out below my support line and back through this resistance which is being retested but I think we're going back up.
USD not flying as I think it should (and has previously) with conflict, I think we'll see some retracement in DXY which will benefit this pair, it's been too bullish for too long imho and I believe we'll see profit taking.
GBP nailed on I think to raise rates again this month following the hanging of inflation data yesterday.
This will benefit XXXUSD crosses in forex, commodities and indices.
I'm only expecting this to retrace to the descending trendline for now which will be my TP.
To me it's looking like a fake out below my support line and back through this resistance which is being retested but I think we're going back up.
USD not flying as I think it should (and has previously) with conflict, I think we'll see some retracement in DXY which will benefit this pair, it's been too bullish for too long imho and I believe we'll see profit taking.
GBP nailed on I think to raise rates again this month following the hanging of inflation data yesterday.
This will benefit XXXUSD crosses in forex, commodities and indices.
I'm only expecting this to retrace to the descending trendline for now which will be my TP.
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