Don’t flinch now, I think the previous low on GBP/USD just held. Zooming out on the pair’s daily timeframe, we see that a bullish marubozu closed last week around 1.4900 where the pair previously found support. What do you think? Could this be the start of what could be a double bottom?
In search of a day trade? Look no further than GBP/JPY! On the hourly timeframe we see that the pair is currently trading around resistance at the top of the falling channel. If you think that there isn’t enough demand to push the pair past resistance at 150.00, we could see it tumble to the bottom of the channel. But be wary! A strong close above the handle could mean that the pair is on it way up 150.50.
Last and not the least, here’s a sexy bearish flag pattern on USD/CHF. One way to trade this setup would be to wait for a break below the consolidation at around .9400. However, if you think there’s still room for the pair to move higher, watch out for a close above .9500!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.