Lets Talk About GJ Baby...So This Is One Of My Favourite Pairs.
It's Also The Pair That Blew My Account Last Week.
Now GJ could go one of many ways this week. Let me give you my analysis for this pair.
This upcoming week, retail stores and major brands will be reopening from Monday, this may increase the value of the pound and get it back to a position it was before a lockdown was initiated. So here we can see that just before close a red candle was formed, this may just be a pull back rather than a trend reversal. I have a line where i think the pull back may come up to. But as you can see i also have an arrow that is going downwards, if price breaks this trend line, i believe that this may not be a pullback but instead be a trend reversal.
Heres why there may be a cause for a trend reversal:
- Current situation in the UK is becoming similar to the situation in the US. (i.e Protests & Risk of a Second Coronavirus Wave)
- The government not being upfront with the people. As well as this Brexit discussions.
However as i stated, as the businesses are now re-opening there is a chance for the pound to get back to the 141/143 mark by the end of this week.
Let me know what you think of my analysis, or if theres anything i missed.
Thanks :)
