The British pound had been weak since the London open, and that theme continued through today’s New York session. A pullback in today’s downtrend on the GBP/USD currency pair provided a short trade entry prior to the open of US equity markets. Traders who took profit at the 2-week trendline netted 125 pips.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

In this video we highlight how we picked apart the GBP/USD all night long in once it broke it’s 2-4hr trend line to the downside. Using ema’s (gotta love the 21), bollinger bands, and primarily Fibonacci retracements there were numerous entries/profit exits on this pair throughout the session. Every move offered a quality Fib pullback but you HAD to be on your toes and have your plans in place ahead of time to take advantage of them, no time to ‘think it over’ at crunch time. Ultimately the pair could not convincingly break the daily S1 pivot point, and clear the bottom enough to void a double bottom. However, using all the clues available to us, some shown in this video, we were able to take 50 pips here, 60 there, 40 here, and they sure do add up. Enjoy!

FXBootcamp London Currency Coach-
Christian Stephens

The British pound succumbed to a wave of selling following the release of the Bank of England’s quarterly inflation report, in which the central bank forecast a dire outlook for the U.K. economy next year. One of multiple opportunities to short the GBP/USD materialized during the early hours of today’s New York session. The 110-pip short trade before the open of US equity markets was only the beginning, as the pound ultimately saw fresh 6-year lows before the day was done.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

The British pound started today’s London session on a weak note. As visual support on the GBP/USD broke minutes before the open of today’s New York session, the momentum of the pound’s weakness accelerated. Those traders who entered a short trade on the subsequent pullback, then exited the trade at the touch of the daily M1 pivot point, realized a generous 300-pip profit.

After some fantastically huge moves yesterday during the NY session (gbp/jpy 1200 pip day!), Asian session offered some nice tradeable pullbacks that extended into early pre-London. In this video however, we illustrate how we built a trade plan around GBP/USD breaking it’s overlapping Fibonacci and visual support after bouncing off the 4hr 21ema and 61.8 fib of the long term drop. Using drawn trend lines, short term confirmation in the form of 1minute Fibonacci studies, we were able to sneak our way into this move with very little risk. This trade made it all the way to yesterdays low, in fact briefly breaching it, creating what looks like a nice double bottom on the daily. Nice way to earn 110-160 pips depending on entry. Just have to love Fibonacci.

FXBootcamp London Currency Coach - Christian Stephens