gdf_fx
Long

GBPUSD Long Opportunity

FX:GBPUSD   British Pound / U.S. Dollar
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3 targets in mind for a very long term view

Short term thinking: Good buy opportunity with NFP tomorrow, weak dollar data could send us on a recovery path back into T1. More reasoned thinking below. Worth noting the break of rising trend line could see bears entering the market again and attempting to break through support.
However i am confident that the support will hold for now as the BOE rate cut today was not enough to convince cable bears to test the level at 1.307 yet

  • with the rate cut by boe today we have been presented with a possible good buy at around 1.307 in my eyes
  • very strong support there as shown and as long as price doesn't form a decent move below the zone I'm happy to be long
  • target 1 is the only realistic near term target as price was held in a range between this and the support after stabilising the brevet haemorrhage
  • realistically if a position was entered it would be exited around T1 as it could take months to years for the GBP to see 1.47+ again but with the fast move down we saw there is a lot of illiquid areas of price in the market where we could see price fly through in the future
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