London Session Watch - GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
194 1

There's a multiple-bar inside bar candlestick pattern formed on GBP/USD which has started to lead the price lower after the breakdown of the low of the multiple bars inside bar candlestick pattern. This candlestick pattern also formed at the upper band of the Bollinger Band and the 200 period golden moving average which adds fuel to the bears. At 0830 GMT today, Bank of England MPC votes might cause some volatile moves in this market thus we will only know whether the market will goes up or down after the news event, but in the mean time, the multiple-bar inside bar candlestick pattern could still lead the price lower, and the lower band of the Bollinger Band could serve as the first target. A break above the 200 period moving average will offer us some buying opportunities in today's London session while a breakdown below the lower band of the Bollinger Band will lead the price lower in today's London session. Note that the Stochastic is in oversold territory which could cause a bounce in the price but we will see what the outcome of the MPC vote will be.
I'm with you on this one. I had actually opened a long trade but exited due to second thoughts. That said, i'm looking for a test of 1.6103 from above to enter long on a smaller position to 'test the waters'. Its purely based on divergence trading. Long position would have had some conviction if last week candle showed some bullish continuation signs after the inside bar was formed, but instead turned out to be a doji (GMT broker). Daily candles too saw a bearish pattern yesterday with a most likely bearish close today.

I think we'll get some bias after this month's Fed meeting.
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