Pick of the Day: GBP/USD

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In the next couple of trading sessions, traders are expecting a range bound market as there aren’t any significant economic reports to be released until the interest rate statements from the BOE and ECB, and the US Non-Farm Payroll release on Friday. We do have a couple of reports out of the UK that may be significant – Industrial Production and Manufacturing Production – both of which are released at 4:30 am EST.

Both not considered major market movers, but they may cause enough stir to hit a support and resistance point.

Short 1 lot GBP/USD at 1.9820, stop at 1.9860, pt1 at 1.9780, pt2 at 1.9760
Or
Long 1 lot GBP/USD at 1.9660, stop at 1.9620, pt1 at 1.9700, pt2 at 1.9720

Good luck and good trading!