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
Seems like the summer season is really taking its drag on price action! The pair stuck within a tight range and found solid resistance at the 1.5700 mark!
Actually if you scroll up to the daily time frame, you can see that this pair’s been stuck within tight consolidation the past couple weeks now. A breakout might be just around the corner!
According to monthly statement $GBPUSD is going to go up… 1.581 $GBPUSD
The better-than-expected U.K. retail sales report triggered a massive rally on GBP/USD that lasted well into the New York session. Money in the bank, son!
Sorry for the delayed update folks! Here’s the review for last Friday’s price action on GBP/USD!
Cable traded lower throughout the day but if we were crafty enough, we could have caught a decent payday catching the slight bearish divergence setup!
Action on GBP/USD was quite limited. Boooring!
