GBPUSD, 240 min
I suggested in my GBPUSD analysis yesterday that we should look for shorts as the pair created a daily shooting star candle and fell outside the rising channel. My trade idea was to look for sell signals inside sell area between 1.4395 and 1.4445 with target 1 at 1.4174-1.4214 and Target 2 at 1.4033-1.4085.
The pair rallied to my sell area yesterday and produced a sell signal. If you don’t know these signals and how to manage the risks in these trades please join me to my free webinars. Even though GBPUSD was already falling today’s US Job report finished the business by pushing the pair down to my target 1 area.
This trade produced over 160 pips from the entry signal to the target 1 for those that decided to close their positions in this target area. The second target area is additional 100+ pips lower from the current levels. The USD could be strong after this solid jobs report while the GBP is likely to remain weak due to Brexit concerns. Therefore the probabilities of GBPUSD hitting the target 2 are still there but as the pair is now near to the lower end of the range we might see some volatility before the target can be hit.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.