The US dollar is strong.
, would be to look for a long trade close to or at a retracement back to the support level at $1.3000.
Although the price never got back to $1.3000 that day, I was looking in the right direction, as despite earlier USD strength the price rose firmly over the day.The Bank of England hiked rates last week but there is some economic pessimism in the UK right now as tax hikes but the overall tax burden at its highest level for decades. The British Pound has been one of the stronger major currencies lately, but the USD has opened this week strongly and we see
the price starting to break down past the support level at $1.3152. Unless it snaps back above this level very quickly at the London open, it will be likely to fall furtherI think the best course of action today will be to wait until 9am London time and if the price is below $1.3150 at that time and looking bearish on the H1 and lower time frames, with some distance still to go to $1.3079, enter a short trade and monitor it on a lower time frame.Top Forex Brokers
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