Everything points down
Updated
The GBP isn't doing well at the time, but the USD is. Maybe you should short GBPUSD too.
Note
The British Retail Consortium (BRC) Like-For-Like Retail Sales reported a reading of 0.2% indicating poor performance of the retail sector (0.3% expected, which is a low reading by itself). Price is expected to fall even further.Trade active
You can set your SL at 1.30200 at this point.Trade active
Keep an eye out for the PMI survey of the construction sector.The construction sector walks hand in hand with the housing market. It has been on a downfall since the Brexit, the construction sector performance. Low readings indicates lower demand for the GBP as the currency is set to depreciate over time since low performance of the construction sector correlates with low new housing sales and increased real estate prices, lowering even more sales and overall performance of both sectors.
Low readings are expected.
Trade active
Hey, the construction sector PMI came out reading 52.9, 2.1 below the 55 expected (which would be low by itself).Price is expected to fall..
Note
"Commercial building was the best performing area ofconstruction output in August, followed closely by
residential work. However, the latest expansion of
housing activity was the weakest since March.
Meanwhile, work on civil engineering projects
decreased for the first time in five months."
According to the report, housing construction was very weak, and overall civil engineering projects also decreased since March's low.
Remember what I said about the housing sales?
Note
It is encountering resistance at 1.28700 (38.2 Fibonacci retracement level). As the price decreases, you can move your SL above this 38.2 level.
Trade closed: stop reached
Wow. That was a spike. It hit my SL. I made a profit though.A BPC might happen.
Note
Apparently it has something to do with Brexit negotiations twitter.com/APetimezas/status/1037326075301425152
Trade closed: stop reached
76 pips made.Good game.
Until next time.
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