The GBPUSD has reached a level not seen before in 37 years !!!!
The price is now nearing the lowest level in price point since 1985 at 1.054. Current price is at 1.064. With the new government in UK imposing a huge tax cut (read here) and the increase in interest rates, there is a high chance that the price may go lower than 1.054.
Is this a good opportunity to go LONG or SHORT ?
I would wait for a month or so to let the dust settled and monitor the price action before deciding to go LONG. But definitely not short since it has been in a bearish tumbling trend for the last 15 years. A short squeeze rally may happen any time and take out your position as the margin of safety is not high to bet against it.
Wait patiently and seize the opportunity. One man's meat is another man's poison.
The price is now nearing the lowest level in price point since 1985 at 1.054. Current price is at 1.064. With the new government in UK imposing a huge tax cut (read here) and the increase in interest rates, there is a high chance that the price may go lower than 1.054.
Is this a good opportunity to go LONG or SHORT ?
I would wait for a month or so to let the dust settled and monitor the price action before deciding to go LONG. But definitely not short since it has been in a bearish tumbling trend for the last 15 years. A short squeeze rally may happen any time and take out your position as the margin of safety is not high to bet against it.
Wait patiently and seize the opportunity. One man's meat is another man's poison.
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Praise God
