LiamsAnalysis

GBP/USD BREAKOUT TO UPSIDE?

Long
FX:GBPUSD   British Pound / U.S. Dollar
Following 3 successful trades with trend, fundamental & technical confluence, we appear to be attempting a breach of the descending wedge , I believe due to the UK restarting their economy and the US Covid 19 cases growing at a quicker rate, the GBP will be favoured temporarily Will hope for higher CPI figures to be achieved by the UK on July 15th
Comment: After a patient wait of 11 trading days, my final take profit region was triggered beautifully at 1H resistance at 1.276
Awaiting further data before planning next move by GBP

Comments

Got to be careful with GBP! Once no-deal Brexit hits the news again, it will tank!
+1 Reply
@philw44, Brexit is still a valid catalyst to consider, but in my opinion the storm has passed with that one, the economic data to come is very much anyones guess, the UK will, and have already been materialising trade agreements, I will be digesting the real data and taking the media with a pinch of salt. Thanks for your comment though, let me know if you have anything further to add regarding brexit!
Reply
actomox LiamsAnalysis
@LiamsAnalysis, To the best of my knowledge, no SIGNIFICANT trade deals have been concluded by the UK in the period leading up to the end of the transition period. Those that have are miniscule in comparison with the market size of the EU and with a no-deal outcome looking a more and more likely outcome to the current EU trade talks, trading with the rest of the world on WTO terms is going to give the UK economy a further big knock while it is still attempting to recover from a disastrous handling of COVID-19. I believe the £ will tank relative to the $ as we approach calendar year end.
+1 Reply
Great Analysis of the pair - Certainly on the watchlist !!
Reply
LiamsAnalysis WilliamsTrade1
@WilliamsTrade1, Much appreciated! Trade is playing out perfectly considering a new higher low was also made. Best of luck with your entries
Reply
TraderX0 LiamsAnalysis
@LiamsAnalysis, well played fella, might see dollar strength come back next week...
+1 Reply
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