Yesterday pound has weakened, after Bank of England governor Mark Carney suggested UK interest rates could soon be cut if the economy doesn't pick up speed. Sterling hit a two-week low and the price almost reached 1.30.
Does it mean the uptrend is over and the market has already priced positive Brexit deal?
If somebody is still looking for longs, buying from 1.29-1.30 zone and waiting for the target around 1.32-1.33 is decent from the R:R prospective. The market is moving sideways, but if looking on higher time frames GBPUSD is still in uptrend. We can start preparing for short scenarios after the price breaks below 1.29 level.
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Does it mean the uptrend is over and the market has already priced positive Brexit deal?
If somebody is still looking for longs, buying from 1.29-1.30 zone and waiting for the target around 1.32-1.33 is decent from the R:R prospective. The market is moving sideways, but if looking on higher time frames GBPUSD is still in uptrend. We can start preparing for short scenarios after the price breaks below 1.29 level.
//
Follow me to stay updated with my ideas!)
Trade active
Trade closed manually:
The trade cancelled manually today due to uncertainty regarding interest rate cut in UK..
Trade active:
Trade active with T/P level 1.325