The US dollar may find itself under additional pressure in the near term. What is the best way to trade on a weaker USD? Have a look at USD/JPY.
How about shorting the pound?
2021-02-12 • Updated
GBP/USD has lost bullish momentum. The pair has tested the highest levels since April 2018 this week, but the W1 chart shows the declining Awesome Oscillator and, on the D1, the price went too far away from the key Moving Averages.
The level of 23.6% Fibonacci retracement at 1.3795 is in the focus on the H4. The next level to watch on the downside is 1.3755.
Trade idea for GBP/USD
SELL 1.3815; TP1 1.3795; TP2 1.3755; SL 1.3830
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