Preferred direction: BUY
Comment: After the Fed meeting, the pound, like most majors, strengthened its position and in the near future, this trend is likely to continue. Of course, surprises from the Bank of England today cannot be ruled out, so the focus on the British currency today is the greatest. It is unlikely that the regulator will suddenly lower the rate, as the Swiss Central Bank did.
For the current long-deal, we consider, as always, two scenarios. Volatility cannot be ruled out in any case, so one needs to open positions extremely conservatively, and it is best to gradually accumulate position (step-by-step). Scenario №2, as one might guess, is a kind of "plan B", and is intended to unexpected the Bank of England's maneuvers. The target at the level of 1.28000 is the closest potential obstacle for the buyer, so we set the current Take Profit there. But longer-term prospects still locate higher, around the 1.30000 level.
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Comment: After the Fed meeting, the pound, like most majors, strengthened its position and in the near future, this trend is likely to continue. Of course, surprises from the Bank of England today cannot be ruled out, so the focus on the British currency today is the greatest. It is unlikely that the regulator will suddenly lower the rate, as the Swiss Central Bank did.
For the current long-deal, we consider, as always, two scenarios. Volatility cannot be ruled out in any case, so one needs to open positions extremely conservatively, and it is best to gradually accumulate position (step-by-step). Scenario №2, as one might guess, is a kind of "plan B", and is intended to unexpected the Bank of England's maneuvers. The target at the level of 1.28000 is the closest potential obstacle for the buyer, so we set the current Take Profit there. But longer-term prospects still locate higher, around the 1.30000 level.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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