Lack of direction for $GBPUSD - Get our daily Forex signal here:
I wrote last Monday that the price was rising and looked likely to continue going up until it hit the nearby resistance level at $1.3441. I thought that the market could turn bullish on the USD again quickly, so I was prepared to take a short swing trade from a bearish reversal which may set up at $1.3441.
If we got two consecutive hourly closes above $1.3441, especially within the first few hours after today’s London open, I thought it might be best to look for long scalp trades above $1.3441. I was correct about the price reaching $1.3441, both that it would be reached, and that we should wait for two consecutive hourly closes above that level before going long, as there were not two consecutive closes above that level during the London session, so this was a good rule to keep out of any losing long trades.
Towards the end of last week, the Bank of England hikes its interest rate by 0.25% to a total rate of 0.50%, and although the hike was widely expected, it caused a bullish price spike of about 60 pips. However, the rate hike bounce did not last for long, and the Pound has now given up all its post-hike gains.We will probably have a quiet Monday and little price movement in a directionless currency pair such as GBP/USD.
If you are going to trade this currency pair, the best approach will probably be to expect the price to continue to consolidate between $1.3512 and either $1.3552 or $1.3587due to the low volatility.Top Forex Brokers
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