Matl101

GBPUSD END OF 2020 UPDATE

Long
FX:GBPUSD   British Pound / U.S. Dollar
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8
Here we have my number 1 pair which I trade daily.

As you can see the pair is still in an uptrend and it is not going anywhere, but the power of the trend is slowly diminishing as per COT report. I will most likely see one more rally to the highlighted area where there is a huge resistance point and the pound will sell off in line with GDP reports for Q4 and Q1 of 2021.

More optimistic news about a new drug + brexit deal done and US falling apart, the dollar is currently in free fall mode, only being saved by the stimulus deal not being signed off yet, once that happens Both Euro and Pound will sky rocket.

What are your thoughts on the pair?
Comment: After the gap closed as expected I have closed my quick long scalp and now I have entered a long position again aiming for 1.36 :)

Comments

I prefer second scenario,pull back to 1.33500 then long up
Best of luck
Reply
Matl101 Karimdamian
@Karimdamian, In normal market conditions this would happen, but the turmoil + end of the year make the markets essentially unpredictable now. The gap might be huge due to the demand of the pound and lack of the demand for the dollar, Sunday evening will tell :)
+1 Reply
🙁🙁
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