The GBPUSD dropped at the beginning of the U.K. session, pulled back to its Asian session lows and dropped again. A short was taken rising 18 pips for a potential 81 pips to our daily target at 1.2508. The 1.2500 figure is an area where buyers have been entering this week…so be careful near it by protecting your profits.
My preferred direction is to short this pair as Brexit issues persist coupled with British political furor. In the meantime P.M. May still has her job and will continue to negotiate Brexit with the E.U.
The markets closed the week with a “risk off” sentiment. Global equity markets closed down as did the U.S. 10 yr yield.
Good luck with your trading and enjoy your weekend!
