2019-11-11 • Updated
SELL 1.2650; TP 1.2560; SL 1.2680
There’s a bullish divergence on the daily chart of GBP/USD. The pair is currently testing levels above 1.2560 (May low). If the US Federal Reserve is dovish, the pound will be able to get to 1.2650 area (100- and 50-period MAs on H4). However, given the political risks, it will be hard for the British currency to get higher. As a result, it will be sensible to look for sell opportunities there.
Aggressive traders may buy on the break above 1.26 targeting 1.2650.
Notice that given the meetings of the British and American central banks the risks are higher than usual.
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
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