The USD continues to move lower and test its December 2019 low, but has not closed beneath it. Tomorrow, all eyes will be on Federal Reserve Chair Jerome Powell and how the market will react to his speech.
After the GBPUSD pulled back in the first half of the U.K. session, a long was taken in the U.S. session overlap risking 17 pips for a potential 64 pips to our daily target at 1.2728.
Price moved higher to test its Asian session low and continued higher to our target where we exited – protecting profit as it moved up.
The GBPUSD has closed for 3 days in a row above a technically significant level on the daily chart. This encourages GBP bulls to look toward a target in the 1.3000 area… particularly if any pullbacks to 1.2650 level hold the pair.
Good luck with your trading and enjoy the easing of the lock-down.
