In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we discuss the next leg down for the GBPUSD.
It should be no surprise to hear that the fundamentals behind the British pound look relatively poor versus many of the other majors. Of course, we are currently awaiting nomination of the new conservative leader tasked with resolving the Brexit dilemma.
From a technical perspective, we have seen the GBPUSD sell-off over the last couple of trading days, making a new low below the monthly low of 1.2559. This also constitutes the next structural failure to the downside. As a result, if price breaks below yesterday’s low of 1.2530 then this is the confirmation we would need to engage.
Next Leg down for the GBPUSD – Full Video Analysis
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