In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we examine the potential for pound weakness and oil higher.
We have been watching very carefully what the US Dollar has been doing across the majors. This, coupled with the endless fundamentals, would be driving the pound lower, however, over the last couple of months, the pound has been supported. This may be about to end. Looking at the markets from a technical perspective, the pound looks like it is running out of steam to the upside. As a result, it gives us a great opportunity to capitalise on the following moves.
If the GBPUSD breaks below yesterday’s low of 1.3011, it would give us a great selling opportunity. Similar situation with the GBPJPY market. Again, a break below 144.12 gives us a great selling opportunity.
The other market to look at is the USOIL market. Having broken free from the consolidation around the $53-$55 level, we would expect further continuation to the upside above 57.57.
Potential for Pound Weakness and Oil Higher – Full Video Analysis
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