GBP/USD: Levels, Ranges, Targets Go Trump

Trump as a traditional Republican in the spirit hopefully of William Howard Taft proposes to cut government regulations, cut taxes for corporate and individuals, cut government, cut Internal Revenue Service, move to bilateral trade deals, cut 1000 political appointments based on the 2017 Plumb book, restore healthcare, increase defense. For our children, restoration of a failed public school system. How about our children won’t any longer walk around stoned on Marijuana as the Justice Department will oppose legalization policies.
Last time I checked all Trump policies are not only positive for America and the world but if the gloom and doom Democrats were elected then America would’ve been finished as a nation. Trump came to power to rightsize a severely misaligned system created by the destructive Democrats and their successful Public Relations campaigns. The acceptance of government rather than the private sector and markets marks the overall success to Public relations in the modern day.

Okay GBP. The range is found from 1.2519 to 1.2313. Current price is not only bottom of the range but in severely oversold territory. Below 1.2313 comes 1.2309, 1.2305 and 1.2290. Shorts in GBP for today is not the way. Two vital points most important on the way higher are 1.2431 and 1.2512.
Level 1.2431 must break to see GBP higher but this line hasn’t moved all week while 1.2512 fell by 3 pips from 1.2515 since Sunday’s open. Further 1.2431 will see a dead stop at 1.2408 and 1.2419.
Higher for GBP means breaks at 1.2316 , 1.2328 and 1.2336 targets 1.2372, 1.2379, 1.2387 and highest level for today at 1.2395.
From a price distribution, GBP/USD operates just as EUR/USD because GBP is top heavy which means sell rallies.
Overall range breaks like the EUR/USD are far away at 1.2670 and below at 1.2229. GBP like EUR is just trading and sloshing around. What 1.2431 and 1.2512 represent is MA break points to see GBP higher but range breaks aren’t seen anytime soon. The overall strategy is focus on further downside.

 

Brian Twomey

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