Trade Plan for the GBP/USD 🇬🇧 🇺🇸 (WN36)
Detail on the orders placed by Jeepson Trading at eToro and 5ers
FUNDAMENTAL AND SENTIMENT ANALYSIS
The most recent significant event was yesterday's announcement that Liz Truss has won the leadership contest for the Conservative Party and will be annointed as Prime Minister today.
This week is likely to see information on her policies to tackle the cost of living crisis. When observing a two-week view, the GBP/USD has retraced from its recent lows and is testing the 38.2% fib level when observing the two-week view. There have been no previous retracements so a move back towards the start of the downtrend at 1.19 is possible if the optimism continues.
The next BoE meeting is next week on September 15th and an initial consensus is yet to be pubished that would follow its 50 bps hike in August.
The focus this week will be on announcements from PM Truss as well as on Friday when the Consumer Inflation Expectations are to be published.
ORDERS
The momentum on the $GBPUSD is expected to remain bearish on a Tw-Month view due to the pessimistic outlook to the cost of living crisis. A slide towards the $1.141 area over the medium term is expected. An order to SELL the $GBPUSD has been placed:
Stop Loss 1.2060
High Risk Sell 1.1960
Low Risk Sell 1.1860