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Good day, dear traders! I present you the analysis of the GBP/USD pair.
The parliamentary elections was the main reason of the pound's growth. The Conservatives, led by Boris Johnson, won, and investors hoped that the process of Britain's exit from the EU would be easy, fast and profitable for the Old World
They were wrong however, as just the day after the brilliant victory, Boris proposed to introduce a bill limiting the transition period after Brexit. That is, if they do not have time for a year, then the exit will be without a deal. Moreover, Britain has a lot of questions with the EU. A lot! And investors will lose a lot on this.
Britain's economy is far from the best shape, and many are talking about cutting rates.
From a technical point of view, the picture is very interesting:
All that is seen now is a mirror around level 1.3-1.304, and all buyers who stood in longs above, are forced to put their stop orders under this obvious quote. This buyers trap will be closed sooner or later, and I propose to work out this idea.
Signals for entry can be selected on smaller TF, take profit put under the level or under the election day.
Have a successful trading!
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