Fundamentally, GBP is still very weak. The economy is on verge of another stand still with a potential second lock down imminent as Boris already changing lock down rules in England and other parts of the UK struggling too. Par the BOE news this morning, there are not many positives the UK are facing. In fact, the BOE interest rate cuts to negative was just an...
Potential Friday trade we may take, I am expecting a slight push back down to gather liquidity before the continuation off to the upside lets see how this one plays out.
IG Client Sentiment - 75% Long
COT Data - 73% Long
H4 chart we can see price has broken out of this bullish falling wedge formation, and broken a key resistance level. Personally i am waiting for a retracement into a fib level and looking for this 1.3145 zone to act as support before going long. EYES PEELED AND ALERTS SET.
I am still not certain on the overall direction of this pair, although the price on the higher timeframes suggests upside movement, I still have a very strong bearish bias on the dollar. I will need to monitor how the DXY and WTIUSD perform on Monday before considering any position on this pair.
I have marked out the levels I am interested in, if price holds...
This pair broke out aggressively from the 75.500 zone on the daily time frame, we are now noticing signs of a pullback. The overall trend is still bullish so we should be looking for buys, As you can see from the chart, price is stepping down nicely, and respecting the structure marked, I have illustrated the potential buy setup I will be interested in once the...
Please be aware of the current situation on CADJPY and make sure you monitor the price. If this pair manages to hold below this key level marked, then you could consider a selling opportunity into the next key level marked.
According to COT data source - 63% short