GBPUSD – Betwixt and between the bull bear set ups
GBP traded near six-month lows as traders turn their attentions to the upcoming UK labour market figures. The average weekly earnings and unemployment figures would be the main focus for sterling as the BOE would consider raising rates for the first time since the financial crisis if the figures look good.
While 1.52 contains upside reactions expect a test of of bids at 1.50 as the next bearish objective. Only a close above 1.52 eases immediate bearish bias.
- Bearish trade strategy will be to sell an intraday reversal pattern on a test of the 1.53 confluent level being the underside of the ascending trend line support and symmetry area to target a 1.50 test
- Bullish trade strategy will be to buy an intraday reversal pattern on the first test of stops sub 1.50 as the market chases the pair lower we look to take advantage of poor positioning for a squeeze to target the 1.52/53 area initially
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