GBPUSD pushing higher from pivot support
GBPUSD has hit WS1 pivot support and we have indecsion candles forming. Significantly EURUSD BEARS have been stalled and we have more indecision candles which could be the forerunner to a move higher.
If GBPUSD BULLS do enter the market here we could see a move significant move higher possibly to the mid pivot level at higher at 1.2743.
Note, however, that we have significant code red news at 13:30 (in 2 hours time) out of the USA and Canada.
This is N.F.P. Friday so we'll have Average Hourly Earnings, Non-Farm Employment, Unemployment Rate and at 15:00 there are the ISM PMI so we are guaranteed to see big moves across all USD (and CAD) pairs.
Ideally we can get a break even stop on the GBP/USD trade to safeguard the position.
If GBPUSD BULLS do enter the market here we could see a move significant move higher possibly to the mid pivot level at higher at 1.2743.
Note, however, that we have significant code red news at 13:30 (in 2 hours time) out of the USA and Canada.
This is N.F.P. Friday so we'll have Average Hourly Earnings, Non-Farm Employment, Unemployment Rate and at 15:00 there are the ISM PMI so we are guaranteed to see big moves across all USD (and CAD) pairs.
Ideally we can get a break even stop on the GBP/USD trade to safeguard the position.
Trade active:
STOP on this trade now at 1.2660 (+4 pips). This trade is now protected from any USD positive news coming up in one hour. Hopefully we'll see red numbers on the N.F.P. print and this trade will take off
Comment:
A sea of green numbers on the NFP print saw USD spike higher - fortunately the +ve stop loss made this a winning trade