Trade Background: Bearish Breakout
GBP continues to fall despite quite positive economic data coming out last Friday. This shows that the market has little interest in UK economic data and is still solely focused on Brexit. It's all about Brexit! Nevertheless, price seems to be breaking the bullish trend that spans back to February. If price continues to fall and consolidate below 1.7400, a further fall seems likely.
Trade Idea:
Positioning: Short
Time frame: 4H chart
Length of Trade: 2 days to 1 week
Entry: Between 1.74300 to 1.74100
Stop: 1.75200
Exit: 1.73200
GBP continues to fall despite quite positive economic data coming out last Friday. This shows that the market has little interest in UK economic data and is still solely focused on Brexit. It's all about Brexit! Nevertheless, price seems to be breaking the bullish trend that spans back to February. If price continues to fall and consolidate below 1.7400, a further fall seems likely.
Trade Idea:
Positioning: Short
Time frame: 4H chart
Length of Trade: 2 days to 1 week
Entry: Between 1.74300 to 1.74100
Stop: 1.75200
Exit: 1.73200