🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

GBP/USD Still In Holding Pattern

Published 27/10/2015, 10:10
GBP/USD
-

GBP/USD – holding at key support

GBP posted a limited intraday advance and retreated at the end of the day from a daily high of 1.5381. Data from UK was disappointing, as manufacturing production declined for the first time in the last two years according to the CBI Quarterly Industrial Trends Survey, while Mortgage Approvals also fell to 44,489 in Sept from 46,567 in Aug according to British Bankers’ Association. Attention turns to today’s GDP release.

While 1.5300 supports downside reactions, expect a grind higher to test 1.56 symmetry objective. A breach of 1.53 targets a retest of pivotal 1.52 support

Trade Idea

  • I am looking to enter long positions on a breach of yesterday's highs, looking for a push towards the pivotal resistance at 1.56. Once again using a fairly tight stop leaning on the 1.53 support level.
  • NOTE: I will not enter this trade in advance of the GDP release, looking for it to be triggered post release.

GBP/USD Chart

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.