GBPUSD: Momentum Waning - Mid-Level Test Expected Soon!
Updated
A bit late to this one, but if the price moves back above the breakdown area, I’ll consider taking a short position.
There’s significant weakness against the dollar in most pairs. This could be short-lived, but it looks like this one might be rolling over for good, at least down to the mid-level.
A conservative target is 1.2950.
If things go as expected, we could comfortably trade in the 1.27 range within the next week or two.
There’s significant weakness against the dollar in most pairs. This could be short-lived, but it looks like this one might be rolling over for good, at least down to the mid-level.
A conservative target is 1.2950.
If things go as expected, we could comfortably trade in the 1.27 range within the next week or two.
Trade active
Time to Act
We should start seeing some form of rejection at these levels from a technical perspective. This is a critical support zone that must hold if we're to see a potential roll-over.
Entry: 1.32022
Trade closed: stop reached
The 50 basis point cut did trigger a risk-off reflexive selling in the USD.
We'll need to observe how it reacts later next week before considering a short position, as I believe there is a case for a bounce in the USD.
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.