New York Watchlist: Expecting a weak USD & Buying GBPUSD
Hey traders and good people of the internet!
The New York trading session is fast approaching and before we get going to trade it, here's what we believe might be a big mover in the FX markets... thats right we are long on GBPUSD again!
Before we go into the GBPUSD setup... lets talk DXY a little bit.
We have been waiting for a reversal on the USD for a few days now... maybe a week. This contraction just keeps going up and up... but it looks like it is coming to it's end which means a sharp weakness of the USD! The chart on the left shows exactly what we think might happen there!
Regarding GBPUSD we have a beautiful CUP AND HANDLE bullish chart pattern which is really ready to go up based on the test of the 61.8% (the way we use fibs).
In anycase we can't wait to see if this all works out!
The New York trading session is fast approaching and before we get going to trade it, here's what we believe might be a big mover in the FX markets... thats right we are long on GBPUSD again!
Before we go into the GBPUSD setup... lets talk DXY a little bit.
We have been waiting for a reversal on the USD for a few days now... maybe a week. This contraction just keeps going up and up... but it looks like it is coming to it's end which means a sharp weakness of the USD! The chart on the left shows exactly what we think might happen there!
Regarding GBPUSD we have a beautiful CUP AND HANDLE bullish chart pattern which is really ready to go up based on the test of the 61.8% (the way we use fibs).
In anycase we can't wait to see if this all works out!
Comment:
The expectations were petty solid for a weak USD and this GBPUSD trade really kicked off after the 13EMA was tested on the 4H chart, further to this the CUP AND HANDLE pattern remains strong and we expect further gains on this pair in the new week!
