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Pound and Dollar trade is war between two hawkish central bank. While FED is clearly ahead of Bank of England (BOE) this year, it is the subsequent hikes and contraction of balance sheet that will decide the pair's fate.
Call back ground -
- Initially a long call on Pound against Dollar was advised around 1.545 area with stop around 1.53 area and 1.595 area as target.
- However, above 1.56 we temporarily withdrew the call and suggested going short targeting 1.54 area as pound continued range. That target was fulfilled but we prefer to wait for further evidence on Pound's strength.
Trade idea -
- With continued economic improvement in UK, we are now confident enough to resume the long on Pound against Dollar, however this time with changed stop loss and target area.
- Go long at current price (1.566) and buy at dips around every 75 pips till the stop loss area. Revised target now stands at 1.609 area and 1.593 area as interim target and profit booking (50%). Stop loss area now stands at 1.54 and 1.53.
- Key resistance lies at 1.572. Psychological levels such as 1.58, 1.59 likely to provide some resistance over profit booking.
