Hello traders!
Here is the fundamental background of last week's movement.
Last week's pair uptrend was the outcome of Powell's testimony at the congress. He made clear last week that the FED is very likely going to cut interest rates in July. As FED has finally become dovish, all the expectation for the rate cut is already priced in last week.
**I am expecting correction or downtrend this week. The Cable is already down, I am expecting to go down further to the shoulder territory. Possible Inverted Head and Shoulder Pattern is seen.
**Investor's sentiment is still very bullish with 8:2 Long and Short ratio. (3.96)
80% of longs are a good target for the banks, so don't get fished.
Here is the fundamental background of last week's movement.
Last week's pair uptrend was the outcome of Powell's testimony at the congress. He made clear last week that the FED is very likely going to cut interest rates in July. As FED has finally become dovish, all the expectation for the rate cut is already priced in last week.
**I am expecting correction or downtrend this week. The Cable is already down, I am expecting to go down further to the shoulder territory. Possible Inverted Head and Shoulder Pattern is seen.
**Investor's sentiment is still very bullish with 8:2 Long and Short ratio. (3.96)
80% of longs are a good target for the banks, so don't get fished.