The GBPUSD broke to the downside today and moved to our daily target at 1.2990 before quickly bouncing back above the 1.3000 figure.
A long was taken with a stop loss just under the day’s low as price was able to gain momentum upward. As the U.K. session ended price was testing its Asian session low and we closed the trade.
It will be interesting to see if the USD can regain some upward momentum in August. The 92.50 area of the the DXY will be near term downside support. Friday’s NFP number will be very closely watched as will the number of new infections in the U.S. versus Europe and Britain.
Good luck with your trading!
