forexTrdr GBPUSD - MORNING STAR & BULLISH HARAMI AHEAD OF GDP
Morning traders,
We have a British pound versus US dollar trade setup ahead of UK GDP at 9:30 (BST) where consensus is pointing to 1.8%. Should we see a beat then we would be looking for British pound to trade to mid 1.31 area before pulling back lower within the descending channel we have highlighted in our trading view chart.
The GDP data lines up with positive signals on the technical front with the pair trading around support levels at 1.30. On the candle pattern front we have had a bullish harami and morning star pattern forming in the past couple of days pointing to a bullish move higher. Additionally we have added stochastic to the chart showing that we are turning up from oversold status.
The caveat to this trade is should there be a very poor GDP number then its best to close out the trade early, we however are hopeful for a beat in line with what we have consistently seen with the UK data coming in higher than economists predict.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
We have a British pound versus US dollar trade setup ahead of UK GDP at 9:30 (BST) where consensus is pointing to 1.8%. Should we see a beat then we would be looking for British pound to trade to mid 1.31 area before pulling back lower within the descending channel we have highlighted in our trading view chart.
The GDP data lines up with positive signals on the technical front with the pair trading around support levels at 1.30. On the candle pattern front we have had a bullish harami and morning star pattern forming in the past couple of days pointing to a bullish move higher. Additionally we have added stochastic to the chart showing that we are turning up from oversold status.
The caveat to this trade is should there be a very poor GDP number then its best to close out the trade early, we however are hopeful for a beat in line with what we have consistently seen with the UK data coming in higher than economists predict.
Comments and feedback are always appreciated from anyone in the trading community
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Note
GDP came in line with expectations but very little movment post GDP. Market in wait and see mode awaiting Chinas response to the tariff.PLEASE GIVE US A FOLLOW ON HERE FOR MORE IDEAS
Trade active
Take profit 1 hitstop loss to entry
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