In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, our advice is to keep an eye on GBP and Gold.
GBP
In particular, we are looking towards the British pound for continued weakness. Towards the end of last week, we have seen an easy to identify reversal signal off a significant level of support and resistance. Furthermore, we have also seen strong continuation to the downside in line with the underlying trend. As a result, we have identified a high probability sell trade in the GBPUSD below yesterday’s low of 1.2854.
There is a similar situation regarding the GBPJPY, where we would be looking to sell below yesterday’s low of 142.93.
Gold
The other market to keep a close eye on is the Gold market. If some genuine strength comes into the USD we are likely to see the yellow metal break below yesterday’s low of 1195.71 and resume its downward trend.
Keep an Eye on GBP and Gold – Full Analysis
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