Time for GBPUSD to give up?
I'm short on GBP USD, it's failed to make a new high, failed to break back above the dynamic ascending trendline.
Inflation is still high, despite rate hikes. Economy is in a pickle, with really poor retail data today. UK is the worst performing economy in Europe.
There's RSI divergence. We're on a longer term downward trend so if this is to be broken I think we'll see retracement first.
Conversely there's been a double bottom on DXY, it's due a retracement after 5 weeks of decline.
USD doesn't look great either, but to me it looks better than GBP.
This is why I'm short on cable, with a great R:R.
Inflation is still high, despite rate hikes. Economy is in a pickle, with really poor retail data today. UK is the worst performing economy in Europe.
There's RSI divergence. We're on a longer term downward trend so if this is to be broken I think we'll see retracement first.
Conversely there's been a double bottom on DXY, it's due a retracement after 5 weeks of decline.
USD doesn't look great either, but to me it looks better than GBP.
This is why I'm short on cable, with a great R:R.
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