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GBPUSD Trading Idea

Posted on Oct 27th, 2016

by colibritrader

GBPUSD Trading Idea

UK growth heated expectations with the service sector dominating. Global stock markets and the commodities markets were relatively quiet today.

By: Colibri Trader

Dear traders,

The last trading idea did not react as expected. It is one of those times that all of the stars are aligned and the market participants are not ready to commit to the longer-term. There was a small dip and then prices quickly retraced to the upside. Buyers did not hesitate for a long time to continue the bullish trend. It looks to me like a breakout that is aiming at 107.00 at least. At this level I will re-evaluate the direction again.

GBPUSD Trading Idea

Today’s trading idea is coming from the GBPUSD pair. I have been following this pair closely since the BREXIT. I am looking to short GBPUSD based on its daily price action pattern. There is a bearish engulfing pattern that formed on the daily chart. It seems like the price has bounced down from the resistance level at 1.2300. I will be looking to enter in a short trade at 1.2200. My first price target is the level of 1.1900. From there, it all depends on price action.

Happy Trading,

Colibri Trader

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