GBPUSD: UK's terrible GDP versus USA's
Fundamentals:
UK's GDP is not as lofty as the US GDP. In fact, it is estimated that the UK's GDP will dramatically trend worse this year and throughout the year of 2023. Compared this to the USA, which will have a flat GDP to slightly lower GDP relative to the UK's. It is this big picture that I have in my mind that causes me to go short the pound.
Technicals:
(1) Monthly twist of cloud coupled with the chikou span blasting down below the bars and below support is a bearish sign:
(2) Weekly engulfing bearish candle continues the current trend.
(3) Weekly moving averages are bearish:
(4) The 4 hour chart continues to make lower lows and lower highs
(5) The 4 hour chart is hosting a 1-2-3 pattern with a Ross Hook:
Targets:
1.09 to 1.06
Reward to risk ratio: 2:1
UK's GDP is not as lofty as the US GDP. In fact, it is estimated that the UK's GDP will dramatically trend worse this year and throughout the year of 2023. Compared this to the USA, which will have a flat GDP to slightly lower GDP relative to the UK's. It is this big picture that I have in my mind that causes me to go short the pound.
Technicals:
(1) Monthly twist of cloud coupled with the chikou span blasting down below the bars and below support is a bearish sign:
(2) Weekly engulfing bearish candle continues the current trend.
(3) Weekly moving averages are bearish:
(4) The 4 hour chart continues to make lower lows and lower highs
(5) The 4 hour chart is hosting a 1-2-3 pattern with a Ross Hook:
Targets:
1.09 to 1.06
Reward to risk ratio: 2:1
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