When markets open on 9 April 2018, this is possibly what might happen in GBPUSD price action.
1st scenario: Price might immediately entertain the following price levels; First reaching for 1.40217 on the short side, Then going long to reach for 1.41319, and ultimately reaching and breaching 1.42013 (maybe in this sequence or maybe not)
2nd scenario: Price might first retrace and visit 1.40661, then move long to 1.41325 and ultimately challenge the level of 1.42013 The above to scenarios are dependent on the continuation of trade war rhetoric from the US and a weak US dollar.
Remember, anything can happen
PS. the above is an attempt to predict future price movements and is not investment advice.
Comment
⋅
UPDATE: As per the first scenario, no short side reach but rather a consolidation price action this morning during the LONDON session. GBPUSD Price took out stops on both sides of the Asian range (still consolidating) and now looks like price level 1.41319 is coming into focus. Keep in mind that the calendar is rather thin this week for the GBPUSD, meaning price might move at the pace of marmite mixed with peanut butter.
Comment
⋅
UPDATE: Finally!, price is making a run for the first upside target at 1.41325 just before the start of the NY session.
Comment
⋅
UPDATE: What a slow grind, at last! some neat price action, price reached first target objective long side, 1.41325 during the first 45 minutes of the NY session. Should bullishness in price be maintained, the balance of the +100 pips is still up for grabs. Anything is possible now.
Trade closed: target reached
⋅
First target [1.41319] reached yesterday, bagged a total of 87 pips. Price is now setting up for its next move. During the Asian session there was consolidation followed by a breakout to the long side, taking out buy stop orders forming an interim daily high during the London open. I am anticipating for price to move back down to the Asian consolidation range and probably wait for the US: PPI-red news event just after the NY open to find proper direction. Should the news be on the disappointing side, price will probably reach for the next target area which is 1.42013. Then again, anything can happen.
Comment
⋅
NEXT MOVE: US-red news came out better than expected, therefore allowing for the GBPUSD to retrace instead of heading towards the 1.42000 target. This event is in fact a very nice opportunity to consider buying "dips" @ between the current price and 1.41550.
Trade active
⋅
Got in long on the dips and is now targeting 1.42000 with a 30 pip stop.
Remember, anything can happen. PS. please do not consider the above as investment advice, just an idea