USD Bears Are Not Done Yet - Forex News by FX Leaders

USD Bears Are Not Done Yet

Posted Thursday, February 16, 2017 by
Skerdian Meta • 1 min read

Yesterday, the USD completed a round trip to the bottom and then back up in late afternoon. It stretched a bit higher up in the early hours of the morning, so that was the second wave of USD selling yesterday.

We opened the GBP/USD signal at that time because the Pound was showing weakness. While the other major currencies managed to make another advancement against the Buck in the early hours of the Tokyo session, GBP/USD was stuck below the 50 SMA in yellow on the H1 forex chart.

That was another reason we decided to open this forex signal. It meant that if the US buyers were to come back at some point, this forex pair would be the first to dive.

If you remember, the UK economic data was pretty disappointing yesterday. The 2 point decline in wages particularly was horrible.

Anyway, right now we´re seeing the third wave of USD buying and that forex signal doesn´t look good, unfortunately. Let´s hope a reverse will follow soon, otherwise we have to make up for it with other signals today.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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