GBP/USD: is there any hope?

GBP/USD: is there any hope?

2019-11-11 • Updated

Trade idea

BUY 1.2755; TP 1.2795; SL 1.2740

GBP/USD is a hard thing to trade right now given the concerns about Brexit. This week, however, the pound has found some temporary relief as investors’ concerns went down a notch. In addition, the pair was supported by the broad weakness of the USD.

If you look at the H4 chart, you will see a series of higher lows. The price is also above the 100- and 50-period MAs. All of this would allow the pound to gain if the US data disappoints. The rise above 1.2750 will allow the pound to get to 1.2795 (38.2% Fibo of the May decline). Bears will regain their powers below 1.2680.

GBPUSD 07.png

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