FullTimeTrader
Long

GBPUSD-sitting on EMA 55-projected move before NFP

FX:GBPUSD   British Pound/U.S. Dollar
563 3 17
Hello, this pair was consolidating many days but tomorrow will be the "D" day and price will explode strongly, my view is to the upside.
After a period of low volatility the price always makes BIG volatility. It reminds me the gold             trade.
Its clear that the NFP news will be the catalyst, my view is that price will move to the upside (bad NFP data?)
According to this technical D1 and H4 (see below) analysis i have some reason for a long bias.

- Price is sitting on EMA55 (my prefered EMA)
- Strong pychonumber 1.55000 acting as support
- double bottom divergence (i learned this setup from a member on tradingview)
- trendline support

This setup suggest a big triangle is forming on D1 chart.

First target: last highs
Second target: harmonic AB=CD

The H4 setup is also very reliable for me.

Be carefull managing your risk because NFP news are very volatile.

Best regards
moneymaking
a year ago
Hey FullTimeTrader, great analysis by the way. I'm likely to stay out of this, let the NFP go by. Since it's a daily chart it might hold valid even after the NFP. Let's hope for the best. Good luck to you mate :)
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FullTimeTrader moneymaking
a year ago
Thanks, just adding ideas, not a call for a trade. There are some news traders that can consider this setup. Im already short on USDMXN so do no want to overexpose my account. Take a look at H4 setup i will post in minutes, its very convincing for me. Regards.
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moneymaking FullTimeTrader
a year ago
Oh ok, I thought you might be taking this trade. Good choice to keep your risk under control :)
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