GBPUSD is moving in a bullish direction today after the positive announcements of the Industrial and Manufacturing Production. The currency found a resistance at 1.6118 waiting the evening announcement (17.00pm GMT+2)of "NIESR GDP Estimate". The price is far above 100-SMA and 50-SMA, while the second one is moving above the first as you can see at the hourly chart. A good trading idea would be to take a long position at the levels of 1.6063 putting stop loss 15 pips lower, while taking the profit above the price of 1.6110 price. An alternative scenario of breaking out the support of 1.6058 would lead the currency at 1.6013.
No comments:
Post a Comment