ridethepig | GBPUSD Market Commentary 2020.07.20
Updated
On the GBP side, all quiet on Brexit news with cable and EURGBP stuck within tight ranges defined last week. Here actively selling cable with the European close at 1.262x, risk is entering back into the picture via virus anxiety we will see USD better bid than it 'should' be. I suspect we will have BOE on the wires at some point later in the week talking down the moves and keeping things tight.
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Better outflows for GBP will start once Brexit enters back under the microscope. I still think the UK will receive another major hammer towards 1.15 and 1.10 along with consumers drowning via inflation.
The strategy remains, continue to sell GBP on rallies as the dark storm clouds approach, tracking closely 1.262x resistance for sellers loading (we are here) and fading 0.908x lows in EURGBP.
As usual thanks for keeping the feedback coming 👍 or 👎
Better outflows for GBP will start once Brexit enters back under the microscope. I still think the UK will receive another major hammer towards 1.15 and 1.10 along with consumers drowning via inflation.
The strategy remains, continue to sell GBP on rallies as the dark storm clouds approach, tracking closely 1.262x resistance for sellers loading (we are here) and fading 0.908x lows in EURGBP.
As usual thanks for keeping the feedback coming 👍 or 👎
Trade active
All filled for the European close:📌 SELL GBPUSD @ 1.262x | TP 1.252x | SL 1.268x
Trade closed: stop reached
...and buyers have it, 1.268x SL HIT.
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