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Long USD / GBPUSD shorts

Cable appears to be setting up for a larger correction as a new bearish leg forms this week. After a sharp retracement on the London open we consider this only opportunities for short positions. The larger picture points towards a retracement for USD pushing the likes of GBP and EUR lower before the USD weakens again, perhaps in Q1 2023.

There is red folder news every day this week that is sure to cause some turbulence so trade safe; the bias remains unless USD collapses and cable can regain 1.2100 level, otherwise expect 1.1740 in the coming days/weeks.


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