GBP/USD bounced off support this week and is currently trying to get passed resistance at 1.4083 (hence its been at it all day), looking for some volume for a breakthrough. Got some UK data coming in tomorrow, so hoping for it to be enough to push the pair through resistance. One thing I've been wondering though, is how far will it go up before it pulls back to 1.37-1.38 or will it even pull back that far at all. Set those stop losses to not get trapped.
Trade active:
finally breaking through the 1.4083 resistance on the 4hr and 12hr timeframe, 1hr left on those candles and up we go for the end of this week.
Comment:
Got out after UK retail data, all data came in not as expected and small conclusion is, the Global economy is doing great from the US to Europe etc.. inflation is slowly going up, the central banks are in control, however in the UK, Brexit seems to be slowing down growth. I am not seing the UK keeping up with the others here.....So cocnlusion, this is looking like a false breakout of the 1.4083; we'll see what happens in the NY session or next week. Undecisive zone here.
Comment:
NY session and Europe session reacted a bit on the US data releases which came in positive, but looks like it was not enough to push lower. Anyways, looks like we're back on track with our long; thus was a great time to get in long on GU....guessing Dollar is very very weak, and as Im typing, smthg is quite suspicious as for dollar to hold against EU but not GBP is quite suspicious...Anyways hope this isn't a trap taking Bearish SLs before it continues on the downside....Either way, we're staying long after the 1.4083 breakthrough....Good weekend.