Goodrich Petroleum close to bottom resistance of the upward channel. I propose long entry at about 14.85. First stop is quite aggressive at 12.50 (small position) and 2nd stop less so at 11.54 (bulk of trade). History shows that ETA to 2nd profit target is about 100days from entry date.
GBP/USD felt to really important level if there's an chance that it will conitnue the uptrend that we might be just getting to the entry point at the moment. There's an confluence of green marked Demand zone, 50% Fibo retracement of last swing up (1,669-1,719), daily trend line and the previous smaller leg up low at 1,685 level (red circle). Todays down move was...
1D Chart: My first prediction of GDP news is that it will hit down to 1.669 and back up to 1.680. If we do see the market hit 1.680 we could definitely expect a bounce down in the market. It should not go lower than 1.5306 - 1.5261. After this move down it should go up to 1.5377 - 1.5404 area - near this time though we will be nearing mid-next week.
Norway's GDP readings have come in better than expected. Y/Y @ 3.9% and Q/Q @ 0.3% up from 1.1% and -0.2% respectively and both beating estimates. On H4 charts, the retracement to 5.96074 looks like a prime target to short from targeting 5.83130 (for now). Alternatively, wait for the resistance to be confirmed at 5.96 and sell at the most recent lows in the run up.