GU (MIDAZ TRADING STRATEGIES )

GBPUSD

1. We spotted a lower peak = bearish
2. RSI is bearish
3. Uptrend line provide immediate support , we would have to see if price bounce from here or breakthru
4. 11 may UK-EU trade negotiations on fishing zone would resume, furious spark of uncertainty will present itself, as we know that UK currently would not give way on this.
5. Next week interest rate decision will be to hold, if there is any case of rise to 25bsp due to covid19 infection curve easing, this would call for economic recession.
6. Fibo level retraced from 100 to 61.8, prices should bounce up from here if bulls are strong. Any further recline would lead to high possibility of 38.2.

Looking at the bigger picture, the pairs would range from 1.21-1.27 .
Take advantage of bullish rally, as fundamentally its irrational.