The USD had a very strong day and risk off sentiment prevailed.
The higher trending GBPUSD moved down at the U.K. open to test its Asian session low…where it bounced higher. As it began to roll over again after making a lower high, a short was taken risking 16 pips for a potential 72 pips to our daily target at 1.3658.
The pair moved lower through its Asian session low again, retested the level and moved down through the 1.3700 figure. With U.S. session news pending and anticipating dip buyers at the 1.3700 figure, we protected our profit and the trade was closed on the retest of the figure… leaving the majority of the move that followed for other traders.
US GDP and Initial Jobless claims are due out on Thursday.
Good luck with your trading!
