Get started
Finchcliffe

GBPUSD: Rejection at descending trendline

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
Finchcliffe Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Fundamental Analysis GBP USD GBPUSD dollar sterling pound
5
2
trendanalysis chartpattern fundamental gbp usd gbpusd dollar sterling pound
We saw GBPUSD spike today following the favourable employment news and then reject the descending trendline (confirmed with doji and then rejection). Fundamentally there has been negative PMI data (manufacturing was green but still below 50) to support my view, so I think the bigger downtrend will continue.

I also don't believe the USD is done yet, it will remain strong due to current International conflict, the risk this brings and the need for dollars.

Keeping a close eye as always on the fundamentals this week, but if we breach 1.2165 - 1.250 (yesterdays support area) then we should hit my target area.
Trade closed manually:
Banking my 50 pips ahead of the news, DXY sat at resistance, may get back in depending on what happens
Trade active
Trade closed manually:
Few more pips, done on this pair for today
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.