Tight wedge taking shape for upcoming event risk
The GBPUSD is coiling up into a wedge that may be broken by the upcoming CPI release(9:30 GMT Tuesday), or it will more likely be able to hold off until the budget presentation(12:30 GMT Wednesday).
I will be short on this one because:
- Long term heavily negative UK fundamentals
- It will most likely be capped by an approximately one month trend line
- Divergence/downward trend line on the RSI
1st goal gives at least a 3:1 risk/reward ratio. 2nd goal is 5:1.
I will be short on this one because:
- Long term heavily negative UK fundamentals
- It will most likely be capped by an approximately one month trend line
- Divergence/downward trend line on the RSI
1st goal gives at least a 3:1 risk/reward ratio. 2nd goal is 5:1.