GBP/USD Completes the Round Trip, Twice

Posted Thursday, October 27, 2016 by
Skerdian Meta • 1 min read

GBP/USD has been twice to the highs at around 1.2250-60 since last evening and three times to the session lows below 1.22. This has provided us forex traders with some good two way business. The positive UK GDP data provided some fuel for the bull machine, otherwise this would be a one way street considering the negative market sentiment. 

We sold this forex pair yesterday, but the GDP release burnt that one out. The second GBP/USD signal opened at around 1.2240 was meant to be a buy forex signal. Imagine my surprise when I saw it hit SL at the time I was expecting to see a green signal, damn it. I sincerely apologize about that signal guys, but we're a signal service provider based on human traders rather than an automatic robot, so you get both sides of the human trading psychology with it. 

Anyway, the sellers re-grouped again around 1.2250-60 which has now turned into a solid resistance level. Eventually the price moved lower and we decided to open a buy forex signal down here, hoping the sellers would be discouraged to take the price any further below.

There isn't any moving averages around here to give our signal some support, but the stochastic indicator is already oversold on the H4 chart, which increases the odds in our favour. 

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