Giving GBP/USD a Try - Forex News by FX Leaders

Giving GBP/USD a Try

Posted Tuesday, July 11, 2017 by
Skerdian Meta • 1 min read

In yesterday's last update we talked about the Quid and how it is still favoring the downside. This morning, though, I woke up to find GBP/USD about 30 pips higher.

There's no reason behind this move since the economic calendar is almost empty, apart from a couple of low tier speeches from two BOE members.

So, we thought that this was more like a morning move; London traders come in, they have a go at a major currency, which usually happens to the GBP and if there is no backup to support the trade they close and reverse.

That looks to be the case today, so we decided to give this forex pair a try. We just opened a short-term sell forex signal here.

Technically, the hourly forex chart is pointing down as well. Stochastic is oversold, which the 100-SMA (red) is providing resistance on top.

Besides that, the 1.29 level turned the price down yesterday, so it has turned into some sort of resistance.

Let´s trust the 100-SMA this time

New Instruments in Our Forex Signals Service

We’ve recently incorporated some exciting new financial instruments into our trading signals service -gold and crude oil. We will add more instruments soon, such as cryptocurrencies, so keep an eye out for analysis on these new instruments.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of