BombayBulls
Long

GBP/USD - Trading Summer Lull & BOE

FX:GBPUSD   Pound Sterling/U.S. Dollar
A quick trend like move just to suck traders in and then quick reversal to spit it out is all hallmark of summer trading environment. Like everything, it shall pass too but until that happens we are stuck with trading such treacherous moves. So how do you trade it? Well, first look at the hourly / 3-4 hour chart and define a range and pick the trade only at the edges. Fading a breakout is also a trick ( e.g. yesterday's AUDUSD             move ).
As out of sync moves or extreme moves usually retraces before a big decision day, GBP/USD             can provide some trading opportunity in next 24 hours. 1.5450 is the first obvious stalling point for a move down followed by better risk reward entry points of 1.5400 and 1.5350. Let's see where price actions takes us today and we will be looking to go long from above mentioned levels.
Check out how we faded the EUR/USD             moves from 1.1100 and USD/CAD             trade before FOMC last week.
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