GBPUSD, 240 min
I suggested in my GBPUSD analysis at the end of March that we should look for shorts as the pair created a daily shooting star candle and fell outside the rising channel. My trade idea was to look for sell signals inside sell area between 1.4395 and 1.4445 with target 1 at 1.4174-1.4214 and Target 2 at 1.4033-1.4085. The pair rallied to my sell area yesterday and produced a sell signal on the same day.
In my update I mentioned that the USD could be strong after the solid jobs report while the GBP is likely to remain weak due to Brexit concerns. I also said that the probabilities of GBPUSD hitting the target 2 are still there but as the pair is now near to the lower end of the range we might see some volatility before the target can be hit. The trade idea worked exactly the way I suggested. It’s pretty neat, when it happens as there obviously are also those trades that don’t go to the plan. Now both targets have been hit and depending on the strategy applied this trade idea produced between 150 to 350 pips.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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