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Amazing week ahead of us. A historic summit between US and North Korea is the main focus of investors. Expected deal to completely denuclearise the Korean peninsula is the main goal of Trump's team. If the deal goes through, risk-on mood should push risk currencies up, especially after disastrous G7 meeting and tensions rising between Trump and allies.
After making another touch on the trend line and testing support, a break would be a good opportunity to go short, first target at 83, 38% retracement.
Stop above the recent swing give a good risk-reward.
Technical set up shows a break and retest of the trend line. Now a good support level is in the way, it was a strong resistance before as well. Only ISM PMI data from US released later today, it could affect price.
The 50 SMA is in the way, so if you wish for more confirmation, you could enter after price breaks through it, though risk-reward will be worse as a ...
After a big sell off in cable, due to poor economic data in UK and cancelled rate hike in May, as well as, dollar strength, GBPUSD hit a major support and is currently having a pullback.
Next potential sell off continuation is with a break of 1.32 level, which is also the 50% fib retracement, targeting the next support area above 1.30.
The pair is very ...