GBPUSD - Bearish Bias

Jun 9, 2021

GBP - Strong Bearish
1️⃣ Rising tensions between the UK and EU over the Northern Ireland protocol pressured the GBP.
2️⃣ Ongoing concerns that the opening of the UK economy could still be delayed due to the implication of the Delta variant of the coronavirus, which reported to be around 40% more transmissible.

USD - Weak Bullish
1️⃣ Investors remain cautious ahead of US CPI release later in the week and digest the possibility of an early Fed tapering.

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Technical
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We are selling the GBPUSD at SBR + below SMA 50 + at the pivot point on the H1 chart.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.

Jun 9, 2021

Trade active

Jun 9, 2021

Trade closed: stop reached

❌ TRADE HAS HIT STOP LOSS

-25 PIPS

GBP surged after a comment from BoE Chief Economist Haldane says the UK economy is going "gang-busters"; we are already seeing jumped price pressures; we could start tightening the tapering on QE and could ultimately start to turn QE around.