DDMARKETS
Short

GBPUSD 30min Strategy: Foul Play?

FX:GBPUSD   British Pound / U.S. Dollar
Theresa May is expected to give unusual statements in today's session, some suggesting it may be linked to National Security. The immediate reaction was GBP weakness to the news, Manufacturing data countered.

Based on the 30min chart GBPUSD has found some support. However, it has attracted some buyers, we suspected stops are being accumulated around the green line on the chart.

It increases the odds for a whipsaw reaction in GBPUSD . Our preference would be waiting for further corrective gains before the weakness is expected to materialize. A 30min close to affirm a re-test of either price levels we highlighted on the chart is preferred.

The key price regions are highlighted on the chart. Do note that this strategy is short-term and is for experienced technical traders.
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