GBP/USD - Excellent Swing Trading Opportunity

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Technical Confluence:

1. Long-term bullish trend-line now acting as new resistance
2. Bearish rejection of trend-line connecting lower swing highs
3. Rejection of key 1.55 S/R level
4. Rejection of 50 EMA
5. High-Test Candle

Fundamental Confluence:

1. GBP Manufacturing PMI came in at 51.4 vs a 52.6 forecast. The UK economy is now hovering above the important 50.0 neutral level as the manufacturing sector within the UK continues to weaken.

2. Manufacturing Production m/m came in at a -0.6% contraction vs 0.1% expected growth. This adds even more support to the contracting manufacturing sector within the UK

3. The official bank rate was kept at a record low 0.5% on Thursday, July 9th             as the BoE reduced its hawkish tone eliminating any risk of a possible U.K rate hike in the near future.

4. The Greek Bailout Deal has reduced overall market risk, and investors are now piling back into the US Dollar             . I am expecting the next leg of the USD bull market to resume for the remainder of the summer.

Entry Details:

I have entered this trade with a hybrid strategy utilizing two positions.

1. Each position has been entered at 1.54850, with each stop-loss at 1.55850
2. The target for position 1 is at 1.53850 offering a 1:1 Risk-Reward
3. Once Target 1 is reached, position 2 will be moved to break-even.
4. I will then utilize smart stop-placement to generate as much profit potential out of position 2 as possible.
what just happened?!
BoE ended up talking up a rate hike at the press conference, ended up skyrocketing the GBP higher
Man crazy move! Onto the next one!! :)
+1 Reply
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out