The GBP/USD is testing the 1.2550 resistance level.
As the economic data (such as inflation data) in the UK has been improving, even with talk of potential increase in bank rates, anticipation is a stronger Pound.
Paired with the current sentiment for a weaker USD, signalled by President Trump.
Therefore, I would take a long position ONLY IF the GBP/USD is able to break through and close strongly above that resistance.
As the economic data (such as inflation data) in the UK has been improving, even with talk of potential increase in bank rates, anticipation is a stronger Pound.
Paired with the current sentiment for a weaker USD, signalled by President Trump.
Therefore, I would take a long position ONLY IF the GBP/USD is able to break through and close strongly above that resistance.
Note
Price still unable to break strongly above the resistance level indicatedStill monitoring this potential trade
Order cancelled
Trade idea cancelled, due to sudden news from UK PM making a statement at Downing StreetTrade active
PM May declared to seek UK election on June 8thFollowing the initial drop in the GBP, now i see the potential for a strong break above the resistance level initially identified.
Trade idea back on
Trade closed: target reached
This trade idea illustrated the importance of having a rule based trade plan.Price reacted brilliantly to the announcement of a UK election on June 8th
Target profit reached, 125pips
Do leave me a comment
Join my mailing list jindaotai.com/joinme
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.
Join my mailing list jindaotai.com/joinme
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.