Currency Analysis Report 11-26-19...Another Opportunity To Play The British Pound Long by rollandthomas

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· @rollandthomas ·
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Currency Analysis Report 11-26-19...Another Opportunity To Play The British Pound Long
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Last month, I switch my bearish sentiment on the British Pound.  The switch was due to the news coming out of England of an amicable Brexit, but also what the charts were telling me. Specifically the monthly chart, price formed a double bottom and is leaving the monthly demand at 1. 2000.

![](https://cdn.steemitimages.com/DQmbXUkR8YbLnkHxk5ekNV42cLhMfZ2mZEK9SEqwyLSaoov/image.png)

And although I thought the daily supply was going to be short lived, it has held up pretty good.  But each time price revisits the zone, it’s getting weaker and will eventually break. 

![](https://cdn.steemitimages.com/DQmUVUXRzgBnkF5QmUgjbzvrhECnoQ8yBQjBXKu6mL69TAc/image.png)

And it appears others feel the same as I do too.

<blockquote>

Funds are increasingly betting on the currency to strengthen as Boris Johnson’s party extends a lead against left-wing Labour in polls for the Dec. 12 vote. BlackRock Inc. and Goldman Sachs Group Inc. are among those on Wall Street touting the pound as a top trade for 2020 if he can win and push through a Brexit deal.

Bank of America Merrill Lynch expects the currency to hit $1.39 by the end of 2020 and Goldman Sachs sees a rally of more than 4% versus the euro by the end of the first quarter.

Eurizon’s Jen, a pound bull for more than a year who said in January that fair value was at least $1.50, concedes he missed the currency’s sell-off to below $1.20 this summer, but “caught the recovery.” Now he says current market pricing is distorted and the election will have such consequences for policy that any rally is likely to be sustained.

Adrian Lee & Partners, which manages over $15 billion in assets, agrees. Its eponymous founder said the fund is turning more positive on the U.K. currency, especially versus the euro. He sees the promise of an end to Brexit as “an opportunity to buy the U.K., not sell it.”

</blockquote>

<center><a href="https://steemit.com/steemleo/@rollandthomas/i-remain-on-the-fence-with-the-british-pound">Source</a></center>

So the play could be to go long GBP/USD, but the US dollar is strong too.  So I found another play, go long GBP/NZD.  Actually I have been trying to get into this trade set-up for about two weeks now, but it’s been stubborn.

Big Picture (Monthly Chart) - price can potentially move another 1200 pips higher.

![](https://cdn.steemitimages.com/DQmUuuoPwa4TL8MS3oYJaQ5ovcKKTJASWDhiVd88ezuiHSd/image.png)

Little Picture (Daily Chart) - there is so much buyer pressure at the whole round number of 2.0000.  The level is currently serving as a floor, so the set-up is a bear trap.  

![](https://cdn.steemitimages.com/DQmRawUwvGzCyVHM9wNgW9axnq7nW3hqNW3tVqC95Fou4D5/image.png)

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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