Short GBP/USD on a break of 1.2250
GBP has continued it's decline against the dollar recently.
Sterling has come under continued pressure as the economic data out of UK is disappointing even the most negative of consensus estimates.
We are currently trading at 1.2265, just shy of the 1.2250 support level. (and have been for most of the morning). Although the market has attempted to build a base here, having traded to this level several times already, before bouncing 20-30 ticks, it feels like only a matter of time before support is breached.
A break of this level should initiate stop loss selling which should be enough to take the market towards our 2nd area of support around 1.2160. Ulltimately I see deterioration to 1.2070 over the coming trading sessions.
Sales below 1.2250 should be short covered with stops above 1.2330, with a view to moving the stop loss to 1.22.60 should we hit support live 2.
Kind regards and happy hunting
Elliott
Sterling has come under continued pressure as the economic data out of UK is disappointing even the most negative of consensus estimates.
We are currently trading at 1.2265, just shy of the 1.2250 support level. (and have been for most of the morning). Although the market has attempted to build a base here, having traded to this level several times already, before bouncing 20-30 ticks, it feels like only a matter of time before support is breached.
A break of this level should initiate stop loss selling which should be enough to take the market towards our 2nd area of support around 1.2160. Ulltimately I see deterioration to 1.2070 over the coming trading sessions.
Sales below 1.2250 should be short covered with stops above 1.2330, with a view to moving the stop loss to 1.22.60 should we hit support live 2.
Kind regards and happy hunting
Elliott
Order cancelled:
Break down level was never breached so no trade activated. await further opportunities!