BOE move in the works? - GBP/USD Ichimoku Short Trade Idea

29 Tem 2018

Coming up this week we have the Bank of England Rate decision. It's pretty much set that they will raise rates and I believe this has already been priced in to the market already. Instead of playing on GBP  strength based off the news I'll be looking for a drop shortly after the news hits. I'm waiting for a drop below the cloud to enter a short position. I've drawn out a few potential Take Profit levels on the way down to my long term target of 1.2963  We also have some bearish confirmations right now like the bearish TK cross and chikou span is starting for fall through price. It would make me a little more comfortable to get a bearish kumo twist to help confirm my bearish bias. If we fail to break below the cloud or our bearish confirmations change, this setup may become invalidated.