Focus for the week will certainly be this Thursday as to whether BoE will cut its Official Bank Rate.
COT is showing that many non-commercials are still holding on to short positions and should BoE decides to remain rate in July, we will see a huge short covering, pushing prices on GBP higher.
On the other hand, a rate cut this Thursday will potentially send GBP to new low for the remaining of the month.
Our approach will be more conservative, adopting a pending sell stop order should price confirm a breakout of the previous low.
Technical Analysis:
Potential Bearish Breakout setup completing @ 1.2790
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COT is showing that many non-commercials are still holding on to short positions and should BoE decides to remain rate in July, we will see a huge short covering, pushing prices on GBP higher.
On the other hand, a rate cut this Thursday will potentially send GBP to new low for the remaining of the month.
Our approach will be more conservative, adopting a pending sell stop order should price confirm a breakout of the previous low.
Technical Analysis:
Potential Bearish Breakout setup completing @ 1.2790
www.facebook.com/angkaryong/
www.youtube.com/user/akyong9
www.fxpresearch.com/