Pick of the Day: GBP/USD

GBP/USD went into range mode this evening after the strong move due to U.S. Treasury Secretary Snow leaving his position. Traders are sitting on the sidelines waiting for a catalyst now and hopefully we can find one with the GfK Consumer Confidence report later. It’s consensus number is inline with the previous at -4, so a surprise may be enough to hit our entry points and targets.

Long GBP/USD at 1.8853, stop at 1.8833, pt1 at 1.8872, pt2 at 1.8900

Short GBP/USD at 1.8782, stop at 1.8812, pt1 at 1.8762, pt2 at 1.8725

Good luck and good trading!