Short Position: Enter on a clear technical break below key support. Stop-Loss: Place above the recent swing high. Take-Profit: Target the next support level, considering the prevailing downtrend.
GBP (British Pound):
BoE maintains rates, committed to keeping them high, which can damage the economy further and cause a recession.
Governor Bailey pushes back against rate cut expectations.
Weak UK economic indicators, including employment, CPI, and Retail Sales.
It is a simple technical trade with recent news supporting the dollar, with rising tensions in Iran-Iraq region and US embassy almost being shot by missiles.