GBP: Mixed signals, neutral bias
- EUR/GBP is definitely still in a strong bearish trend and levels between .75.77 look highly likely in coming weeks. But do I want to start opening short positions at .7850? Certainly not. Sell rallies for sure on all time-frames but there still could be some back-lash from the sometimes acrimonious referendum vote.
- The USD is out-performing the GBP for now and this trend seems likely to stay in vogue for another few weeks. There is a pretty obvious Cable range between 1.6050/1.6520 so I prefer to trade the edges here with a modest bearish bias.