Sell GBPUSD 1.3100 targeting new lows below 1.28

FX:GBPUSD   Britisches Pfund / US-Dollar
159 1
Sterling remains weak and has just broken the neckline of a bearish head & shoulders formation on the 4 hour chart.

Caution is advised (see my linked post) with regards to the risk of a short squeeze perpetuated by UK labour and retail sales data this week.

It would be prudent to operate a stop on-close rather than at-level given the likely volatility around data releases. Aiming for approximately 1.28 (-300 away) with a stop no higher than 1.32 (+100 away)

A negative weekly/daily bias remains below 1.3317, with this short term formation on a 4 hour interval also negative.
Trade wurde manuell geschlossen: UK Inflation came in higher than expected, reduces likelihood of a rate cut next month by the BoE.

If so, looks like the UK is heading down the path of stagflation (low economic growth and rising prices). Nightmare scenario for policy makers.

Return to the longer and intermediate weekly / daily trends for GBP unless we see strong selling later today with the 4H H&S setup preserved (not invalidated by a surge above the neckline).

Nice Chart agree with you

Good Luck
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Devisen-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden