The news calendar was light to begin Monday’s trading. After falling in the first half of the U.K. session, the GBPUSD began to find buyers near 1.3020 and began to push higher. A long was taken risking 20 pips for a potential 95 pips to our daily target at 1.3130.
Price moved higher pausing briefly at its Asian session high then moved up to the 1.3100 figure… where it stalled and began to fade. We closed the trade after the bearish engulfing candle, not wanting to give back any more of our gain.
It’s a busy economic calendar for the rest of the week. If the USD can continue upward, expect a test of the 1.3000 level.
Good luck with your trading!
