ridethepig | Teeing Off in GBPUSD

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đź“Ś ridethepig | Teeing Off in GBPUSD

After an interesting Asian session the unlikely looking manoeuvre is preparing to unfold. Why? Because sharp speculators are already beginning to outguess the dovish BOE and directionally are flooding back to USD. A very similar setup to the one we traded in the middle of December flows:

ridethepig | Notes on GBPUSD


Large macro players have been spotted on the offer, a few moves later and we can be back at 1.313x in little time. Things that develop thereafter will be interesting, for now let's play the initial leg down trapping the unaware buyers who are protecting GBP. Swing the club, and don't mess it up!

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Nota
One way traffic...

syot kilat
Nota
We are testing 1.361x previous support, lets see if it turns resistance:

syot kilat
Nota
Time to start thinking about trailing and clearing our positions if we breach back above 1.361x for NY.
Nota
Sellers starting to lose control as anticipated after losing 1.361x with NY today. This looks like it will end in a scratch trade. We can update the chart tomorrow after we clear UK inflation.
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Overshoots in UK inflation and we are set for the breakup. All positions cleared on the trail.
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