Hello traders, this last week wrapped up nicely at a total of 479.4 pips and our 5 day daily average coming in at 96 pips. On Wed the 6th of June from the 1.5489 level we watched the market makers go on a stop hunt after Longs and fairly quickly drop the market back down to 1.5440 and just as fast reversing it and heading up higher to 1.5515
Since we've maintained above the 200 SMA we've kept a bullish sentiment and continued to see Cable head higher up to 1.5601. If you had followed the previous week with knowing our daily range at around 133 pips this was a nice little scalp trade on Thursday to sell Gbp/Usd right from 1.5566 (133 pips) from swing low trending up and saw a quick 10-13 pips.
Gbp/Usd Weekly Outlook:
The Bank of England hasn't done much with its worsening economy and much will still have to be seen if we continue to head down. The big date to watch will be June 17 when Greece votes for a new government. if things go bad in Greece with this event expect a massive sell off, And Of course, the pound and all European currencies will be greatly affected, similar to the 2008 collapse.
have a great week!
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