...I think GBPUSD is ready to resume the downtrend here. It has significant downside, all the way down to $1. I'm entering shorts at market open, seeing it as a very low risk trade idea. Exposing 0.5-1% of the account, with a stop just above the recent swing high is a good idea overall.
Cheers,
Ivan Labrie.
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China's attack on the dollar boosted all currencies and assets priced in dollars, except for BTC naturally, and it appears like that nefarious influence is receding. You can see the rally in the pound matched the PBOC shock timing, so, as with everything else that mirrorer the yuan, it was only a short term distortion.
Down for the day, gapped down, looks like it'll keep going down.
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An extra piece of information and potentially a clue: relative strength! Many USD pairs are down, yet USDGBP is up.
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Good to trail stops down, and even double the position. Target on chart.
Excellent analysis and mind set . I salute you , thats how a disciplined professional technical analyst will react . Great job & i will be definitely following you.
IvanLabrie
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@Fxbahrain, thanks, it's a special situation, when the technical setup aligns with fundamentals and also happens to be a contrarian trade at the time, with very vocal opposition even here, in the short time it was posted. It's working for now, let's see if it goes down, and then trail stops progressively until it takes us out.
You will not look like an idiot if the plan does not work out because the plan looks good and ticks all the boxes. We both know that even excellent setups may not pan out.
IvanLabrie
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@Olu, thanks for your comments. I feel bad taking the trade, like my gut refuses to do it, which I think, as a self contrarian is a good signal.
Add to it that we have a lot of people voicing concerns, with 78% of retail traders long, and I think we have a perfect 'stupid trade'.