GBP/USD Signals Update
Yesterday’s signal was not triggered, as there was no bearish price action when the price first reached 1.5075.
Today’s GBP/USD Signals
No signal is given today.
GBP/USD Analysis
I only became interested in looking at this pair yesterday after a break of about two weeks during which is just chopped around in a range, yet managed to do so in an unusually unpredictable way, making this pair a nightmare to trade. Yesterday I saw a single level in enough proximity to look for a trade, but the level was broken and muddied and now we are right back to where we were before. I do see some potential flipped resistance to support at 1.5033 which is shown on the chart below. However I am just not confident enough in it to give it as a signal. If a news event spikes the price down there, it might recover quickly.
The only real order that can be found is that we have been in a near-symmetrical bearish channel over the past few days.
There are better currency pairs to trade today than this pair. It is best left alone and will probably just be knocked around by any news, unless there is really exceptional data. It could be possible to trade bounces off the channel trend lines.
There are high-impact data releases scheduled today concerning both the GBP and the USD. At 9:30am London time there will be a release of U.K. Preliminary GDP data which is likely to affect the GBP. Later at 1:30pm there will be a release of U.S. Core Durable Goods Orders data followed by CB Consumer Confidence and New Home Sales at 3pm. Therefore it is likely to be an active trading day for this pair.