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Howdy Folks!
GBP/USD broke out after some back and forth action this morning giving us a nice 100+ point rally to catch. My generic technical price target for the channel break is up around $1.4635 but in my opinion today’s run is good enough a day ahead of Non Farm Payroll Friday.
Looking across the majors I see a lot of consolidation patterns building ahead of NFP Friday. USD/JPY has a nice triangle, but EUR/USD has a nice horizontal channel that built up over the last three days.
My opinion is the upside breakout may be cut off at resistance around $1.3430 which would provide a short opportunity if I can find the right entry. The pair may stay in the range tomorrow which would make a pop up to this resistance level post NFP even more interesting on the short side depending on the data.
We’ll have to wait and see, but that is the advantage of trading longer time frames, you have time to think about this stuff and let it show it’s cards to you.
Also, I wanted to say I appreciate all the comments folks have been leaving on my blog here at FX Street. I love reading your opinions and seeing all the different ways we look at the same currency pairs. I hope your enjoying the blog!
Best of luck,
Ryan
IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.
Nice one on the Cable Ryan!
I hope you managed to get long $audusd on the pullback. It was a nice ride up too!
C.
Hi Christian,
Thanks, Cable ran a lot farther than I thought it would.
Euro broke today as well, guess we can thank the G20…
-R