The pound bulls got their hearts broken on Valentines Day, as GBP/USD slowly slid down the charts. No clear setup to take, unless you felt the PDL would hold nicely as a support-turned-resistance level.
GBP/USD traded just within the previous dayâs range. Talk about being well-behaved!
It was a slow and choppy crawl down the charts for GBP/USD, but there were still some excellent opportunities to make some pips. Either the retest of the 1.5500 handle, or buying at the 1.5450 minor psychological level could have yielded some decent pips!
GBP/USD managed to put on quite a show for pound traders even though the U.K. and U.S. didnât publish any reports. It climbed to test the 1.5500 handle but was unable to break through. Eventually, it gave way to selling pressure and busted right through the previous week low (PWL).
Huuuuuuge losses for the pound as the MPC and FOMC meeting minutes tag-teamed against the British currency. If we had caught the midday break of consolidation, we couldâve been rewarded with a sweet 200-pip drop. Booyeah! Money!
It wouldâve taken a lot of guts to go long at 1.5150 after seeing the sharp GBP/USD selloff, but it wouldâve paid off handsomely! With a 30-pip stop, we couldâve bagged a quick 3:1 winner by exiting at the dayâs opening price.
Lady cable spiked up a couple of times, but both times it got faded on this relatively quiet Friday. If you faded the second move, you could have made a cool 50 pips if you shorted at 1.5300 and aimed for the 1.5200 level!
GBP/USD began the week with a humongous weekend gap down, but it spent the rest of the day erasing its losses. In fact, if you had bought around the week open and set your stop just below the previous day low, you couldâve bagged yourself a pretty profitable trade!
GBP/USD pretty much stuck in ranging mode, as it repeatedly bounced off that 1.5200 level. You could have played that level three times and had you aimed for the 1.5150 level, you would have made a cool 50 pips each time!
Sellers couldnât get GBP/USD past the week open, so we couldâve bagged ourselves a pretty good day trade by going long in that area.
Some simple setups off the psychological levels emerged on this day. Playing either the 1.5200 or 1.5100 levels could have gotten you a smooth 50-pips!
Aside from the sharp drop in reaction to weak U.K. data, there really wasnât much action on GBP/USD. That said, our best bet wouldâve been to trade the break of the tight consolidation that formed in the Tokyo sesh.
If you were gutsy enough to play the hard level at 1.5000, you could have bought and held on for the rest of the day for a smooth 100-pip win!
Can those round numbers on GBP/USD hold or what?! The pair staged a midday reversal at the 1.5200 handle and didnât stop falling until it found support at 1.5100 late in the New York session. Thatâs a clean 100-pip move, son!
After testing the 1.5150 mark, it was all downhill for the pound bulls yesterday! GBP/USD eventually dropped all the way down to the 1.5050, making it the third day in a row we saw a sweet 100-pip move on Cable!
If we had taken our cue from those dojis that had formed at the previous week low, we couldâve caught GBP/USD right before it popped up! Booyeah!
That weekly open price held like a boss! We could have shorted there and if we were brave enough to weather the NFP storm, we could have made nearly 100 pips!
Looks like the weekend gap presented us with a pretty nifty 50-pip opportunity! We couldâve sold GBP/USD at last Fridayâs close and held on until the previous week low, brotha!
Taking the retest of that weekly open price would have provided us with a sweet 50-pip winner had we gone in with a short and closed once price found interest at the 1.4850 minor psychological level!
GBP/USD showed surprising resilience in the first half of the day, but it came crashing back down after the U.S. published strong retail sales numbers.
