In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we observe the pound putting in an impressive performance. Also, we see the potential for some USD weakness to start creeping into these markets.
Starting with GBPUSD, we have largely seen pound strength against the dollar since mid-December. This is all despite the obvious turmoil in the UK currently. Yesterday, we saw a significant break above the 1.3000 which is psychologically a very significant level. As a result, we are interested in buying the GBPUSD if prices break above 1.3080. Just be warned, expect volatility here.
Additionally, the other market is the USDCHF. This one is easier to identify from a technical perspective. This market has bounced nicely off parity or the 1.0000 level. Overall, we are looking to trade the next move lower below 0.9939.
Pound Putting in an Impressive Performance – Full Video Analysis
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