Hey Traders, in today's trading session we are monitoring GBPUSD for a buying opportunity around 1.234 zone, GBPUSD is trading in an uptrend and now seems to be in a correction phase in which it is approaching the major trend around 1.234 zone, Fundamentally US data continues to show weak including today's employment news along with market expecting less restrictive monetary policy from the Federal Reserve. Trade safe, Joe.
I have been waiting for the USD/GBP to form a setup I use for a long position, If you check the weekly chart, the momentum wave is giving you a pretty decent divergence. I like your ideas and that’s why I’m commenting here, because in my analysis USD/GBP is meant to be getting a pretty strong upwards move next week, still has to go a bit lower before the move. What do you think? Cheers mate
JoeChampion
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@ramon1981, Technically sounds correct, but fundamentally the environment of USD is very weak so i don't like to trade against fundamentals!
ramon1981
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@JoeChampion, Thanks for your insight mate...Always super helpful