Pick of the Day: GBP/USD

Big story of the week is going to be tomorrow at 2:15 pm EST when the FOMC releases their decision on interest rates. It seems like all have been hearing from “experts” lately is that the Fed will pause, and possibly leave the door open for future hikes. The alternate scenario would be a rate hike and a neutral statement afterwards. Honestly, I couldn’t tell you what will transpire tomorrow, I don’t think anyone can, but I think it’s a great opportunity to catch a few breakout pips as traders sit and wait for this decision. So, we will look to set our long and short entry orders right past the R2 and S2 lines with tight stops. Our targets will be the major price levels. Here are a couple of trade ideas:

Long GBP/USD at 1.9160, stop at 1.9140, pt1 at 1.9200, pt2 at 1.9250

Short GBP/USD at 1.8990, stop at 1.9010, pt1 at 1.8950, pt2 at 1.8900