Last week the news said it all- "Brexit" is inevitable, there goes the European Union, the end of the civilized world as we know it. The pound is done. The Queen will need to get a job. During the week GBP USD was going sideways in a range and slid down at the end of the week. "Yes I knew the short trade was the way to go". "I plan to load up on shorts next week!!!"
This week the news was muted. GBP USD was in a range with a "downward feel" and price grinded higher and then on Friday as the big Non Farm Payroll number was delivered GBP USD headed north in a parabolic fashion. If you understand how the game is played you know that was the right move for SMART MONEY. Last week's negative news got everyone short into the end of the week. This week as GBP USD was ranging with a downward feel the shorts were jumping in head first. SMART MONEY had the bear trap in place and now all they had to do was to bait the trap and wait in the bushes for the hungry bear to take the bait.