GBPUSD bottoming (US trade deal matters less than soft Brexit)

13 Tem 2018

The British pound remains in a downtrend for now- but appears to be transitioning to a sideways range from 1.305 to 1.335
Fundamentally what Trump says about a US trade deal (GBP negative) matters less than improved chance of a soft Brexit from new UK gov whitepaper (GBP positive)

Scenario A) Downtrend pauses -- Price rebounds from 1.305-1.31 support zone to target 1.33 resistance

Scenario B) Downtrend resumes - Price breaks 1.305 (June low) to target 1.28 (Aug '17 low)

16 Tem 2018

Not

Scenario A) playing out nicely - 30 pips shy of 1.33

18 Tem 2018

İşlem kapandı: hedefe ulaştı

Scenario A) worked, though careful MM needed to TP as price reached 10 pips shy of 1.33 before reversing back to entry point