GBPUSD Friday trade recap on GBPJPY.
📌 The rationale behind taking this trade was firstly, the positive GBP news for Retail Sales of actual 0.4%, greater than the -0.3% forecast.
📌 Secondly, the price tapped into the strong 4H demand zone, while also sweeping the Asian lows.
📌 The news took place on 6 am UTC, while there were no sudden spikes in price during 6 am, we can see a 30 pips price push few minutes after the news, signaling the market price reacting to the news.
📌 Price got rejected twice from the 15 minutes bearish shooting star, creating a strong short term resistance zone.
📌 Since the bias is short term bullish, I waited for a break and retest of the trendline, as soon as price failed to close below the zone, I immediately place buys.
📌 Price Eventually hit TP at a 1:2.46% risk to reward trade but closed at +1.9% to avoid the subsequent red news.
3min chart
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.