After reviewing yesterday’s GPD/USD report, we found that the sell or buy orders we referred to were not activated.
Short trade ideas
- The best short trade strategy today is at levels 1.3441, 1.3500, and 1.3530.
- Place the stop loss in the short trade specifically at 1.3540.
- Collect profits at an average of 30 to 50 pips from each level.
- Stop loss is moved to the entry point at 20 pips.
Long trade ideas
- The best long trade strategy today is at levels 1.3140 and 1.3100.
- Place the stop loss at the 1.3090 level.
- Collect profits at an average of 30 to 50 pips from each level.
- Stop loss is moved to the entry point at 20 pips.
Money management strategy
Use 1% to 2% of your portfolio value in each trade and distribute this percentage between the stop loss points.
GBP/USD Technical Analysis
The buy or sell orders that we referred to earlier were not activated, so these buying and selling opportunities are still present and effective. The technical analysis data says that the GBP/USD has rebounded from the upper band of the ascending triangle pattern that we mentioned before in previous technical analyses.
We are so far inside the ascending triangle pattern, with sterling moving against the US dollar in a sideways direction, but it is slowly moving towards its northern targets within the ascending triangle channel.
Today we expect the release of important and influential economic data for the Forex market.
The best intraday long target is 1.3140, 1.3100.
The best short trading levels on an intraday basis are the 1.3441, 1.3500 and 1.3530 levels.
GBP/USD Fundamental analysis
There is no important data due today for sterling.
For the USD, the GDP numbers will be released, along with unemployment claims and new home sales.