The pound is the major talking point as we begin the new week as the currency falls to fresh 28-month lows amid increasing chatter of a no-deal Brexit by Boris Johnson’s ‘dream team’ since the weekend.
Gove got things started by saying that the government is now operating under the assumption of a no-deal outcome and Raab kicked things into overdrive by pointing the finger to European leaders, thus turbo-charging the pound’s decline.
The British Pound has been bearish since mid-March and although price is near higher time frame demand zones, in recent days I shorted two pound pairs on pull backs. Because price is near higher time frame demand levels, my targets are what I consider pretty tight.
Forex $1 MM Challenge – Trade #18 (7-25-19) Sold GBP/CHF
Monthly Chart (Curve Time Frame) – monthly supply is at 1.47000 and monthly demand is at 1.22000.
Daily Chart (Entry Time Frame) – although price is in higher time frame demand, the chart suggests price can move lower and to short price at the daily demand at 1.23900.
Forex $1 MM Challenge – Trade #18 (7-19-19) Sold GBP/CAD
Monthly Chart (Curve Time Frame) – monthly supply is at 1.90000 and monthly demand is at 1.58000.
Daily Chart (Entry Time Frame) – the chart suggests to short price at the daily supply at 1.64000.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
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