It looks like we are going for a downside on sterling and it clearly shows that the Bearish Bat Pattern has formed at the area of potential profit-taking. The GBPUSD took full advantage of dollar weakness in recent days of making highs and now it's at a potential profit-taking area Brexit has returned again and Britains attitude isn't serious towards Brexit and French Foreign Minister Jean-Yves Le Drian further added Brexit talks are stuck due to the UK's ‘intransigent and unrealistic attitude.’
Another reason for shorting this currency is soaring to the highest since December 2019 which can be another indicator of profit-taking and could become the ideal place to short this Currency at the moment. Chancellor of the Exchequer Rishi Sunak planning of major tax hikes in the coming days to pay for Coronavirus recovery is a growing criticism among fellow Conservative MPs and which is also making Johnson's job harder.
Entry point, Take profits & stop losses are mentioned in the chart.
Best of Luck Everyone!!!
Another reason for shorting this currency is soaring to the highest since December 2019 which can be another indicator of profit-taking and could become the ideal place to short this Currency at the moment. Chancellor of the Exchequer Rishi Sunak planning of major tax hikes in the coming days to pay for Coronavirus recovery is a growing criticism among fellow Conservative MPs and which is also making Johnson's job harder.
Entry point, Take profits & stop losses are mentioned in the chart.
Best of Luck Everyone!!!