Hi traders,
The GBP had a bearish start to the week breaking below the 129600 handle, well done to those that took advantage of this move. Following good GBP PMI data and bad US PMI data we saw price retrace most of the losses.
A bullish wedge has formed on the GBP with a bullish cross of the stochastic. Any bullish plays should be taken with tight stops too the 130000 level.
If we get selling come Monday, we should be looking at a drift towards the bottom of the wedge.
All the best,
Aardall
The GBP had a bearish start to the week breaking below the 129600 handle, well done to those that took advantage of this move. Following good GBP PMI data and bad US PMI data we saw price retrace most of the losses.
A bullish wedge has formed on the GBP with a bullish cross of the stochastic. Any bullish plays should be taken with tight stops too the 130000 level.
If we get selling come Monday, we should be looking at a drift towards the bottom of the wedge.
All the best,
Aardall