GBPUSD: Bearish continuation, setting up for a nice drop?
Updated
Expecting another hike from the FED in November, supported by hawkish comments across the board to focus on reducing inflation to 2%, this is supported by positive data.
Real yields (bond yield - inflation) are positive for the dollar, they're negative for GBP and EUR.
We may still see another hike from BoE but the economy is in a mess. Need to watch for US Inflation data and UK GDP data this week.
Saw a nice bounce on this pair Friday but I think the fall will continue down to around 1.20, so waiting for a rejection from resistance on the LTF's and will then get in.
Real yields (bond yield - inflation) are positive for the dollar, they're negative for GBP and EUR.
We may still see another hike from BoE but the economy is in a mess. Need to watch for US Inflation data and UK GDP data this week.
Saw a nice bounce on this pair Friday but I think the fall will continue down to around 1.20, so waiting for a rejection from resistance on the LTF's and will then get in.
Trade active
Trade closed manually
Grabbed some nice pips but bailing out here, thinking we may be looking at a reversal, will get back in if this proves wrong...
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