GBPUSD LONG

21 Jul 2018

Back in trendline range. Looking at this technically. Taking half position size on this trade. The pound has been hit with a miss on CPI at 2.4% vs and expected 2.6%. The BoE also has a slightly bearish fundamental outlook to it. With monetary policy being slightly bullish, Brexit risks + the recent miss on key data points has the pound as a bearish currency for me. This trade is pretty much running off of USD weakness more than anything else. But the second the USD starts to show some strength this is the pair that I'm going to be shorting. Preferably around 1.3200

Pullback entry: 1.3083

Pullback stop: 1.3066

Pullback take profit1: 1.3178