GBPUSD , DONT BE STOPPED OUT ON THE SELLS THIS TIME ROUNDFrom this position right here. we find that the price action is much trying to retest the previous lower highs , then later attempt to reach the lower lows .But in this case we do understand that the retail sellers have great interest on the move therefor setting a great deal of stop losses and buy orders up the previous resistance zone. so if I were to think against the conventional retail traders of whom 95% are relatively on the losing end , i.e against the banks .I would activate their stop losses . and buy orders in the direction they expected and get the liquidity trade trade offs . so in relation to this I would expect the price action to intentionally spike up . and to these high back up here , then moves and closes below the lower structure. this gives me the sign to SHORT.
FUNDERMENTALS foe the WEEK.
Governor Bailey is due to speak on Monday and traders will search for interest rate clues. The BoE softened its tone a little after the last meeting and yet markets are heavily pricing in a 25 basis point hike at each of the next five meetings, taking Base Rate to 2% by the end of the year. Bailey may use the platform to push back but probably to little avail given current inflationary pressures and more to come from commodity prices and the higher energy price cap from this month. We’ll also hear from a selection of other members of the MPC next week, while final services and construction PMIs are the data highlights.
