GBPUSD, 240 min
Yesterday we had disappointing labour data from UK. The headline claimant count for March fell by 6.7k, short of the median forecast for a 12k decline while the February figure was revised to -9.3k from the -18k reported initially. After the news GBPUSD rallied a bit but hit resistance near the daily Bollinger bands. This resulted in a lower high and a bearish shooting star candle in the 4h chart. Last night the support near 23.6% Fibonacci level (at 1.4342) was broken. This could provide us with an intraday short trade as the pair is now trying to rally a bit. It can of course turn from lower levels as well but I’d prefer to see the sell signals taking place inside my Sell Area. Those wanting to be more aggressive with their entries should be careful with position sizing. We also have Retail Sales data coming from UK later on today which should be factored in as it might cause additional volatility.
I’m looking for sell signals in GBPUSD at or inside my sell area between 1.4357 – 1.4410 with Target 1 at 1.4277 – 1.4306 and Target 2 at 1.4220 – 1.4250. Please remember to manage your risks and only trade these trade ideas if your analysis agrees with them. If you don’t know how to manage your trading risks professionally you are welcome join to my free webinars to learn more.
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.
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