GBPUSD: US Re-Opening quicker than the UK? Short the Pound?
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The US has been slowly re-opening after COVID. Meanwhile, while the UK has "modest" easing plans, they are still a bit behind on re-opening. This truism and a bearish trend for GBPUSD has us looking to short the pound and collect some of those sweet sweet US dollars. Overall we are going to be taking advantage of this shift in trend to try to look for short positions with the expectation that a slow or botched lockdown exit strategy for the UK could mean trouble for the pound.
Resource: time.com/5834821/cor...rus-lockdown-uk-may/ + www.poundsterlingliv...xit-strategy-matters
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1. Range MA is showing a downtrend on the 2 hour chart (Red bar color).
2. With this strategy, we are only entering Short on Bear signals from Bull/Bear Power while Range MA is signaling a downtrend (Red bar color).
3. We have not set a target for this trade, instead we will exit our position if the Range MA changes color or we get a Bull signal after our Bear signal entry.
Note: We not currently in a trade, but we have set alerts and will be updating this as it plays out. We have posted this idea simply for the current market Bias we have and to see how this idea works out going forward.
Like, Comment & Follow to help the community grow 🎉🎉
---
The US has been slowly re-opening after COVID. Meanwhile, while the UK has "modest" easing plans, they are still a bit behind on re-opening. This truism and a bearish trend for GBPUSD has us looking to short the pound and collect some of those sweet sweet US dollars. Overall we are going to be taking advantage of this shift in trend to try to look for short positions with the expectation that a slow or botched lockdown exit strategy for the UK could mean trouble for the pound.
Resource: time.com/5834821/cor...rus-lockdown-uk-may/ + www.poundsterlingliv...xit-strategy-matters
---
1. Range MA is showing a downtrend on the 2 hour chart (Red bar color).
2. With this strategy, we are only entering Short on Bear signals from Bull/Bear Power while Range MA is signaling a downtrend (Red bar color).
3. We have not set a target for this trade, instead we will exit our position if the Range MA changes color or we get a Bull signal after our Bear signal entry.
Note: We not currently in a trade, but we have set alerts and will be updating this as it plays out. We have posted this idea simply for the current market Bias we have and to see how this idea works out going forward.