Daily Alert – Tuesday 28th February 2023: GBP continues to rise, setting up a short

Mark NugentDaily Alert, Feb 2023

Daily Alert – Tuesday 28th February 2023: GBP continues to rise, setting up a short

Good morning.

Yesterday was moderately risk-on. However, moves in key assets were small. The GBP continues to rise this morning after the Northern Ireland agreement with the European Union. Inflation in Spain and France come in hot, strengthening the European Central Bank’s hawkish hand. There is German and Euro zone inflation data later this week. JP Morgan warns of a sell-off in the S&P500 if prices go much below the 200-day moving average.

I have my beady eye on EURGBP and GBPUSD. I am waiting for the rising GBP to reverse to allow me to trade my short bias on the pound. There are two ways to do this. Firstly, I can wait for a move in my direction and enter at market at the end of the day. Alternatively, I can try to pre-empt the move with a pending order. I go into more detail in the video.

I will be back tomorrow.

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