1.5400 held like a boss! Had you gone short at that level when bearish divergence formed, you could have caught the whole move down!
Buyers had no luck pushing price above the 1.5350 handle as GBP/USD traded below the DO the entire day. Selling at this confluence zone when Stochastic indicated overbuying wouldâve put you in a good position to catch the 100+ pip drop!
Thanks to a late comeback in the New York session, GBP/USD was able to bounce off the 1.5150 psychological handle and spike back up to retest the daily opening price. By the end of the day, the pair was trading just above the 1.5200 handle. Buying when support at 1.5150 though, may have been your best bet to catch pips on this day.
It wouldâve been tough trading GBP/USD with economic events in the U.K. and U.S. pulling and pushing the pair across the chart. It was met with strong demand in the middle of the day, but as the U.S. unloaded some positive reports, it headed lower.
This is why the NFP report is one the most watched in the industry! After chillinâ for the better part of the London session, GBP/USD blew up the charts once employment figures were released!
Looks like yâall shouldâve gone long at the break of the week open (WO) and the 1.5300 handle because price didnât dip much further after that!
That previous day high held like a boss! Price tested it not once, not twice, but three times and each time, the bulls just couldnât break through!
What a move!!! Mark Carneyâs speech and the BOE inflation report set off fireworks on pound pairs. It led GBP/USD to dip at first, only to recover and rally for 300 pips afterwards! Crazy stuff yo!
Not much data released on this day, but that didnât stop the GBP bulls from continuing the previous dayâs rally. If you had played the break of the London highs, you may have been able to catch some of the action!
A bearish divergence after the release of the U.K. trade balance gave us a nice little signal to sell at 1.5550. What followed next was a smooth ride to 1.5500!
With not much data to work with, the GBP/USD simply traded in a choppy manner, but ultimately favored the dollar. It slid from the week open and finished about 40 pips lower.
Phew! It mightâve been better to stay out of the market on this day. Take a look at those crazy spikes that led to nowhere!
Catching that upside break of the Asian box would have been the perfect play to take on this day!
If you wanted to catch the full move up, your best option would have been to take the retest of the previous day high.
More choppy trading from GBP/USD. Best bet to make some pips may have been to scalp off the previous day high!
Boring start to the week, as we didnât really see much happen. With no data on tap, price action was pretty subdued.
Another snoozer! GBP/USD spent the entire Tokyo session in consolidation. It broke above the DO after the London open, only to continue trading sideways.
GBP/USD was still a ghost town, as the pair never traded beyond its 50-pip range. It found resistance at the previous day high/1.5700 MaPs and support at the previous week high.
From the very get go, sellers were in control of GBP/USD. They never let it rise above the previous week high and drove price down below 1.5600.
The upward revision to the U.K.'s GDP growth led price to test the WO, but this level eventually held. Save for the midday spike, GBP/USD traded within a 50-pip range.
