GBP/USD bounces back above 1.2925 ahead of ADP & ISM
Arslan Butt • 1 min read
Recalling FX Leaders Sep 6 – Economic Events Outlook, the trading day is important because of the U.S. ISM non-manufacturing PMI as well as the ADP non-farm payroll data. This is keeping the dollar-denominated currency pairs on hold. For instance, the GBP/USD completed the 50% retracement at $1.2885 and we decided to go long on this pair. But there’s not much movement in the markets. Well, it’s clearly due to the high impact economic events, as the traders seem to save their shots for the economic data.
Anyhow, we shared a forex trading signal to stay bullish above $1.2925 with a stop below $1.289 and a take profit at $1.296. You can see a bullish engulfing pattern on the hourly chart which is signaling a bullish bias of investors. Moreover, the RSI also had a bullish crossover. Since the technical side is in our favor, I’m looking to stick to my trade until and unless the economic events come out better than expected. Keep following us for more updates!