In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we observe how the British pound is under pressure.
With the second largest number of deaths from the coronavirus in the world and a recently announced reopening of the economy and anxiety over upcoming Brexit negotiations, these events largely seem to be weighing heavy on the pound. As a result from a technical perspective, we can see the opportunities beginning to stack up for pound weakness trades.
Starting first with the GBPUSD, prices are close creating a structural failure to the downside below 1.2243. However, it must be noted that this level is above the monthly low so it is not ideal. The same situation is present in the EURGBP to the upside. We like this market higher above 0.8862 but the monthly high is marginally above this level, so again, be mindful of that. Lastly, we have the GBPJPY, a market which has already broken lower below the monthly lower. If this market continues below yesterday’s low of 131.31 then this would constitute a high probability trade to the downside.
The Pound Is Under Pressure – Full Video Analysis
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