The bears are in control - GBP/USD
Updated
Hello traders,
I would like to present you my views on the GBP/USD currency pair for this and probably the following few weeks.
I believe the bears are in total control of the market. Expectations are for a continuation of the downtrend throughout the week. Below I am sharing our target area in numbers and a few economic events of this week to take notice about.
You can check the video with the whole trading plan on Youtube.
Main Target: 1.3585-1.3550
H4 Stoppage Area: 1.3843 - 1.3893
Economic Overview:
Tuesday:
14:00 GMT
USD Consumer Confidence Index - Previous is 127.7 and Forecasted is 126. I don’t expect a huge change on this report.
Thursday:
12:30 GMT
USD Durable Goods Orders - Previous is 3% and forecasted is 1.4%. A huge difference between the two numbers. My expectations are for the final number to be between the two - around 1.5-1.7%.
Friday:
08:30 GMT
GDP Gross Domestic Product - Expectancy is to stay unchanged.
12:30 GMT
USD Gross Domestic Product Annualized - Expectancy is a drop of 0.9 points. Again I believe a the drop might be lower - around 0.5 points of the previous reading.
I wish everyone a profitable week and stay tuned for some short term trading plans! :)
I would like to present you my views on the GBP/USD currency pair for this and probably the following few weeks.
I believe the bears are in total control of the market. Expectations are for a continuation of the downtrend throughout the week. Below I am sharing our target area in numbers and a few economic events of this week to take notice about.
You can check the video with the whole trading plan on Youtube.
Main Target: 1.3585-1.3550
H4 Stoppage Area: 1.3843 - 1.3893
Economic Overview:
Tuesday:
14:00 GMT
USD Consumer Confidence Index - Previous is 127.7 and Forecasted is 126. I don’t expect a huge change on this report.
Thursday:
12:30 GMT
USD Durable Goods Orders - Previous is 3% and forecasted is 1.4%. A huge difference between the two numbers. My expectations are for the final number to be between the two - around 1.5-1.7%.
Friday:
08:30 GMT
GDP Gross Domestic Product - Expectancy is to stay unchanged.
12:30 GMT
USD Gross Domestic Product Annualized - Expectancy is a drop of 0.9 points. Again I believe a the drop might be lower - around 0.5 points of the previous reading.
I wish everyone a profitable week and stay tuned for some short term trading plans! :)
Order cancelled
Now that was a healthy over 400 pips move. I hope you did manage to grab some of that profits. This plan is no longer followed as the Main Target was reached. :)
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