EuroMotif

GBPUSD long to short: GU to rise a bit then fade?

FX:GBPUSD   英鎊 / 美元
GU short entry zones to watch in Red.

PM May keeps her position so the Pound got a relief rally.
But her margin of victory was not impressive, and that was her OWN party!
As well, the EU nogotiaters are giving May cold shoulders (rightfully so).

So I think a lot GBP shorts closed being at support and ''good'' news, while some bulls are getting in.
But I do not expect this rally to go much past this week, as people close up for the weekend.
Lets see how far this bounce reaches. The higher the better for a short entry!!!

I am NOT confident enough that it will go much higher, so am not long.
I WAS confident at the bottom around 1.248 where I did get a nice long entry. (see ideas below)
I AM confident that the Brexit situation has NOT improved, so the rally should reset the price to just before the no-confidence vote was announced.


Background:
I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.

My GU adventure started with a search for top of uptrend around Sept 20th

Then came the big drop, which I caught most of. I started looking for bounces to short

Next I was looking for 1.2700 as a bottom which was hit and bounced hard
After taking some longs on the 1.2700 bounce, I was looking for shorts again:
Then some shorts down to 1.2480, which looking like serious support so flipped into longs:
And now that it has bounced, I am looking for possible short entries again

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