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Trading idea for GBP/USD.
Good day, dear traders! I present to your attention, an analysis of the GBP/USD pair.
After the prolonged growth of the pair last week associated with the weakening of the US dollar, the pound fixed around 1.24.
From a technical point of view, the pair is currently in the 50% pullback zone from the most powerful decline in early March:
It opens up the idea of working out shorts in the D1 timeframe:
Today, very weak data on consumer confidence index came out, which hit the pair very hard:
It confirms the short scenario and the end of wave "B" on D1, so I suggest working out the third wave from the news, with the first goal, which is the breakdown of the nearest round level - 1.22.
Last Friday, rating agency Fitch downgraded UK's rating from 'AA' to 'AA-', due to the huge increase in fiscal spending caused by the spread of the coronavirus. The uncertainty in the trade relations with EU after Brexit also affected the rating.
Anyhow, good luck in trading and control your risks!
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