Miss in data to short overextended GBP
Fundamentals & Sentiment
USD:
The sentiment has been bullish in the short-term as market is leaning towards 2 cuts instead of 3 from the Fed this year. The trigger to buy dollar is a solid beat in ISM Mfg PMI.
GBP: Pound is overextended according to CFTC reports, while the UK fundaments hasn't really been backing such a growth - take a sluggish GDP for instance.
Technical & Other
Setup: S(B)
Setup timeframe: 1h
Trigger: 15m
Medium term: Down
Long-term: Range
Min target: the very low of the demand area/ possible breakout from the long-term range
Risk: 0.27%
USD:
The sentiment has been bullish in the short-term as market is leaning towards 2 cuts instead of 3 from the Fed this year. The trigger to buy dollar is a solid beat in ISM Mfg PMI.
GBP: Pound is overextended according to CFTC reports, while the UK fundaments hasn't really been backing such a growth - take a sluggish GDP for instance.
Technical & Other
Setup: S(B)
Setup timeframe: 1h
Trigger: 15m
Medium term: Down
Long-term: Range
Min target: the very low of the demand area/ possible breakout from the long-term range
Risk: 0.27%
Trade closed: stop reached:
Closed at the breakeven after trailing the stop