GBPUSD: Wow, some move on Friday, needs to close FVG?
Updated
That fundamentals last week had a serious impact on this pair.
The FED held rates with a dovish tone, and then the cooling labour market data slammed the USD.
The BoE also held rates, but with a hawkish tone.
UK data is not great, USD real yields are stronger, and there are still global tensions which are normally strong for the dollar, that said, this pair has broken out of weekly descending path with some umph, so this could well be the start of a reversal.
Normally in these cases we get a retracement first to fill the fair value gap, we're also at strong resistance so will I believe we have to fall back to attract more buyers.
Overall I think we could be looking at a reversal so will be keenly watching the move down with tight SL but with an expected target around 1.221.
The FED held rates with a dovish tone, and then the cooling labour market data slammed the USD.
The BoE also held rates, but with a hawkish tone.
UK data is not great, USD real yields are stronger, and there are still global tensions which are normally strong for the dollar, that said, this pair has broken out of weekly descending path with some umph, so this could well be the start of a reversal.
Normally in these cases we get a retracement first to fill the fair value gap, we're also at strong resistance so will I believe we have to fall back to attract more buyers.
Overall I think we could be looking at a reversal so will be keenly watching the move down with tight SL but with an expected target around 1.221.
Trade closed manually
Cashing out hereNote
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