GBP's big day is tomorrow Nov 5. The expectation is that the BOE will keep rates but be hawkish in their outlook for next year. Today, the Services PMI was as expected but actually slightly higher which is good. The UK economy is recovering albeit very slowly - so the sentiment is that the GBP is strong but not strong enough to break 1.54800.
The USD is showing spark of strength as the NFP approaches, but it shouldn't be able to make big moves against the GBP. So any dip in GBP against the USD could be seen as good opportunity to go long specially when it nears 1.53500.
As "Super Thursday" approaches, those who are expecting the GBP to become strong will be looking for dips to enter the market. The market on the 1hr chart is coiling between 1.5500 and 1.53500. The fair price is at 1.54250 so anything below 1.53800 is a good buy.
I'm looking to enter at 1.54830 and aim for 1.54600 for a 1:3 Trade. Stop Loss is at 1.5358 at -25pips since I don't expect the GBP to go lower, at most it should just form a .
I am trading the GBPUSD range with a bias today and tomorrow.
GBP bulls should be on a wait and see mode.
I just scalped the news for a Sell.