GBP/USD Daily Chart Reviews

[BigPippin]

The weekly open was holding strongly until we hit the afternoon portion of the New York session when sellers hit the market with force! GBP/USD eventually dropped a solid 70 pips before settling at the 1.6050 level.

[ForexMindGames]

I have been posting recently on the 88.6% fibonacci retracement level. It is a less common number than the widely used retracement levels of 38.2%, 50.0% and 61.8%. Nonetheless, this 88.6% holds a better risk/reward ratio. For GBPUSD, last friday's downward move retraces near to the 88.6% of 1.6000.
If there are no significant gaps on monday opening, i am planning to go long. Stop loss is below the previous swing low of 1.5975.

Long near 1.6000-10
Stop loss below 1.5750-60
First target profit 1.6100
Second target profit 1.6180

[BigPippin]

Another day of consolidation then a break lower during the NY session! Those triple zeroes at 1.6000 held pretty well though!

[BigPippin]

If you were courageous enough to take that bullish divergence signal early in the Tokyo session, you could have earned yourself a smooth 50 pips!

[BigPippin]

The first half of the day was absolutely boring, but then risk aversion kicked in and took GBP/USD down for a sharp drop! Playing the break of 1.6000 would've turned out to be an day trade.

[BigPippin]

Hopping on the retest of the daily open would have been the only way to catch the smooth 100-pip rally during the London session!

[BigPippin]

We saw a nice little breakout above the PDH in the Tokyo session that extended well into the New York session thanks to UK's better-than-expected GDP report. That move alone was worth about 90 pips, son!

[BigPippin]

Pretty quiet day for Cable, as the pair pretty much stuck within range. Scalpers could have made a killin' playing that 1.6100 level though!

[BigPippin]

All we saw on GBP/USD was a slow and gentle slide that began at the day's opening price and didn't end until the end of the New York sesh.

[BigPippin]

Pretty quiet day for Cable, as we barely got any reports, not to mention U.S. traders were out thanks to intense rains. I hope all my homies are safe!