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20.02.202001:28 Forex Analysis & Reviews: Pound: cancellation of the long scenario

Long-term review

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Good evening, dear traders! I present to your attention an analysis of the GBP/USD pair.

So, according to our morning recommendation, we advised taking long positions on the GBP/USD pair, in particular, on the good news on inflation today. In this regard, inflation data came out more than positive:

After that, the GBP/USD pair started to increase rapidly; however, the growth slowed down after half an hour and the news positive was completely absorbed.

For this reason, the log scenario is considered undeveloped. Apparently, there are reasons that force traders to sell the pound even on such strong and positive news. And this is unusual, given that this is not the first positive news about Britain in recent times.

The target level for purchases of 1.3070 remains with us. Thus, we will recommend taking long positions for this target when there are buy signals (possibly lower than current prices).

Have a successful trading and control the risks!

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