GBPUSD has now put in 2 DTF doji reversal candles at the end of a sustained down trend.
Significantly GBP/USD has been locked in an 81 pip range since early on the 7th March.
The TDI (Traders Dynamic Index), a much underestimated indicator, has the market base line reading 35.1 from sub 31 on H4 and H4 TDI is very BULLISH.
Fridays news heavy day would have proved disappointing for USD BULLS as although the NFP number came in green ( 235k act 196k exp) , the key Average Hourly Earnings came in weak and this was enough for traders to liquidate their LONG USD trades.
So where next for GBP/USD?
With a host of economic news due next week and what looks a 100% guarantee of a USD 25 basis point rate hike, GBP could be heading anywhere. From a technical viewpoint as long as we remain above 1.2133 we should look for LONG trades.
Below 1.2133 then we can SHORT down to test support at 1.1981.
Trade idea
If we open above 1.2133 then go LONG with a STOP below 1.2133
Any move below 1.2133 the go SHORT with a STOP above 1.2133.
Significantly GBP/USD has been locked in an 81 pip range since early on the 7th March.
The TDI (Traders Dynamic Index), a much underestimated indicator, has the market base line reading 35.1 from sub 31 on H4 and H4 TDI is very BULLISH.
Fridays news heavy day would have proved disappointing for USD BULLS as although the NFP number came in green ( 235k act 196k exp) , the key Average Hourly Earnings came in weak and this was enough for traders to liquidate their LONG USD trades.
So where next for GBP/USD?
With a host of economic news due next week and what looks a 100% guarantee of a USD 25 basis point rate hike, GBP could be heading anywhere. From a technical viewpoint as long as we remain above 1.2133 we should look for LONG trades.
Below 1.2133 then we can SHORT down to test support at 1.1981.
Trade idea
If we open above 1.2133 then go LONG with a STOP below 1.2133
Any move below 1.2133 the go SHORT with a STOP above 1.2133.
