Trade Strategy:
Short Position: Enter on a clear technical break below key support.
Stop-Loss: Place above the recent swing high.
Take-Profit: Target the next support level, considering the prevailing downtrend.
GBP (British Pound):
It is a simple technical trade with recent news supporting the dollar, with rising tensions in Iran-Iraq region and US embassy almost being shot by missiles.
Short Position: Enter on a clear technical break below key support.
Stop-Loss: Place above the recent swing high.
Take-Profit: Target the next support level, considering the prevailing downtrend.
GBP (British Pound):
- BoE maintains rates, committed to keeping them high, which can damage the economy further and cause a recession.
- Governor Bailey pushes back against rate cut expectations.
- Weak UK economic indicators, including employment, CPI, and Retail Sales.
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It is a simple technical trade with recent news supporting the dollar, with rising tensions in Iran-Iraq region and US embassy almost being shot by missiles.
