In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we look at pound and US Indices weakness as both are currently experiencing negative sentiment to the downside.
Firstly, looking at the GBPUSD, we have been in a clearly identified downtrend for over 5 months now. This is mainly due to recent negative developments regarding Brexit negotiations and a long leadership replacement process with Boris Johnston the likely victor. This all lends itself to continued downside pressure and, technically, we like the GBPUSD below 1.2380 and the GBPJPY below 133.97.
Looking at the US Indices, after a succession of recent all-time highs, this market has just shown signs of rolling over to the downside. Firstly, we have had Trump use aggressive rhetoric to slap tariffs on Chinese whenever he wants. This, coupled with some earning expectation misses, means we are likely to see continuation squeeze lower over the short term at the least. Therefore, we like this market below yesterday’s low of 2977.
Pound and US Indices Weakness – Full Video Analysis
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