GBPUSD, 240 min
I suggested in my GBPUSD analysis yesterday that we should look for shorts as the pair created a daily shooting star candle and fell outside the rising channel. My trade idea was to look for sell signals inside sell area between 1.4395 and 1.4445 with target 1 at 1.4174-1.4214 and Target 2 at 1.4033-1.4085.
The pair rallied to my sell area yesterday and produced a sell signal. If you don’t know these signals and how to manage the risks in these trades please join me to my free webinars. Even though GBPUSD was already falling today’s US Job report finished the business by pushing the pair down to my target 1 area.
This trade produced over 160 pips from the entry signal to the target 1 for those that decided to close their positions in this target area. The second target area is additional 100 pips lower from the current levels. The USD could be strong after this solid jobs report while the GBP is likely to remain weak due to Brexit concerns. Therefore the probabilities of GBPUSD hitting the target 2 are still there but as the pair is now near to the lower end of the range we might see some volatility before the target can be hit.
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