Daily TPO
We continue to trade lower on GBP back towards historically low prices, particularly against the USD. We have sold off during Asia session and are currently finding buyers after leaving behind a poor high on the profile. With very little pullback all day yesterday the market runs the risk of a deeper pullback, particularly following on from such a strong close.
Am TPO
As you might expect after heavy selling, the AM TPO doesn't offer a lot of support but rather resistance around the Asia high.
GBPUSD Candlestick Chart
Short plays remain risky as these lows given the current prices, the market remains poised for a deeper pullback.
Idea: Short plays would be with an intraday scalp type strategy as the possibility of a pullback remains strong. After the previous day bearish momentum we can expect less volatility as the market corrects itself ahead of red folder news tomorrow.
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