In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, we have seen a big move in GBP, however, the question remains as to whether we will see the follow through in this bullish trend.
Bullish Pound
As we look at yesterday’s price action, we can see a number of markets showing indecisiveness. In contrast, this has certainly not been the case for the Pound. Yesterday afternoon, Barnier gave a press conference where he stated that a Brexit deal with the UK is realistic in 6-8 weeks. This is, of course, very good news for the Pound bulls as we saw a very volatile and explosive move to the upside for the British Pound pairs.
Now, what will be interesting to see over the course of the trading day is whether we see any follow through in the form of continued Pound strength. If this is the case and we break yesterday’s daily highs and respective lows, the opportunity to trade some high probability trades for the day will emerge.
GBP Currency Pairs
Regrading price action, in the GBPUSD, there has been a break above 1.3050. In the EURGBP, there has been a break to the downside below 0.8895. Finally, in the GBPJPY, there was a break above yesterday’s daily high of 145.02 and then again above the high on 30th August of 145.68.
Big Move in GBP – Full Analysis
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