Monday, April 4, 2016

GBPUSD - Update 4th April 2016

The GBPUSD has been a bit all over the place lately. The overall trend is still down and its well deserved at the moment. The USD has been strong and the overall fundamentals despite some commentary in the market does back this trend up.

This dosen't mean there isn't opportunity for this pair intraday and playing both sides. So lets look at a chart:


To me it seems up and back, up and back, bit directionless but these can also yield some great opportunities.
There will be buy orders at 1.4065 but this level is used and abused now, with three touches in the last few weeks. 

The better level is the one below it at 1.3925, fits all the high probability measures like enough time between visits and also when it was last hit buyers met it with large buy orders. On the topside the top edge seems like 1.4500 but we need to see the price action closer to that level before a definitive level can be detrmined.

Trading the the edge of the up and back action seems like the safest option for this pair.

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