GBP/USD Daily Chart Reviews

GBP/USD was all about risk aversion on this day. From its opening price, it fell all the way down to 1.5500 – an over 100-pip drop!

That bearish divergence play at the 1.5550 MiPs was a pretty sweet setup!

The release of U.K. GDP data set off fireworks on GBP/USD! From the previous day high (PDH), it fell right down to the previous day low (PDL)!

Not much activity on GBP/USD at the start of the day… but boy, did the market wake up in the London session after Draghi’s supportive comments! A 200-pip rally, son!

Looks like the market was all gassed out after Thursday’s big rally! Even with the release of the U.S. GDP report, GBP/USD spent the day trading sideways, with the 1.5700 handle acting as an area of interest.

Once again, 1.5750 proved to be too tough a resistance level for the market to crack! GBP/USD found itself sliding down the chart in the first half of the day, only to trade choppily around 1.5700 in the second half.

GBP/USD found resistance at the week open (WO) and this level served as the day’s high. From there, price tumbled all the way down below 1.5650 before coming to rest near the previous day low (PDL).

After briefly retesting the DO, GBP/USD shot down, most probably because of the poor manufacturing PMI. The pair kept dropping throughout the New York session, and eventually bottomed out at the 1.5550 mark.

The ECB’s rate decision was the main market mover on GBP/USD. It caused the pair to spike up sharply, only for it to reverse directions and erase all its gains later on!

After consolidating early during the Tokyo session, GBP/USD broke higher once the U.S. NFP report showed better-than-expected results! Risk on baby!

We got a perfect midday reversal at the 1.5550 minor psychological handle, homies! And a bullish divergence as confirmation to boot!

Cable slid lower during the Tokyo session but soon registered bullish divergence and powered higher during the London session. It eventually tested the PDH before settling later on.

The BOE inflation report and Mervyn King’s big speech was this day’s market mover. His words pushed Cable up about 80 pips!

Dang that PDH held really nicely! Cable dropped a good 60 pips after testing it during the Tokyo session!

A perfect double bottom preceded the strong rally that we saw in the New York session… not to mention a sweet bullish divergence!

Tight consolidation during yesterday’s Tokyo session. Would have been perfect for those of you who like to scalp!

The pound’s initial rally after the release of stronger-than-expected CPI didn’t last. Sellers jumped back in at the previous day high and sold the pair back down to the day’s opening price!

The 1.5720 resistance level has been holding strongly wouldn’t you say?

I really love what you’re doing! Where can I find the other threads with EUR/USD and AUD/USD? Thanks a lot man :59:

Hey fedegmail, here are are the threads for EUR/USD and AUD/USD -

EUR/USD - 301 Moved Permanently

AUD/USD - 301 Moved Permanently