USD Bears Are Not Done Yet
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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