Update:
No BUY/HOLD and/or SELL recommendations!
The Pound made new highs against all of the major currencies following the release of better than expected Q2 prelim GDP which read 1.1% versus the forecast of 0.6% and previous reading of 0.3%.
The following additional data was also released:
* BBA Mortgage Approvals - Survey: 37.0K Actual: 34.8K Prior: 36.7K
* Index of Services 3m/3m - Survey: 0.7% Actual: 0.8% Prior: 0.6%
Click on the below URL to see the breakout of the GBP/USD following the release of better than expected Q2 prelim GDP:
http://bit.ly/c8i3Wl
I didn't trade that currency pair because of it yesterday's worst performance day. About 15 hours of poor oscillation consolidation.
The pair "PRODUCED" over 150 PIP movement against the U.S. Dollar.
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My trading plan formulated live in the Trading room on Thursday, July 22, 2010:
GBP/USD - Weekly PIVOT: 1.5235
GBP/USD Current price at: 1.5273
The GBP/USD cycling in a range. The pound has been considered as the worse performer for today. It's cycling between,
Pound has been the worst performer today, trading between 1.5233/1.5295. No clear direction.
The hourly momentum is heading lower but the price action during the Asian session takes place above the 20 Moving Averages
The market has to make a decision which direction to go?
The GBP/USD pair will need to break any of the above mentioned range to confirm an Intraday trend.
I doubt it will take place during the Asian session.
Please review the news drivers associated with the GBP and the USD.
DIRECTION (NOT CLEAR) Waiting on a breakout outside of the range!
I'll not trade the GBP/USD tonight!!! why? Because The pound has been considered as the worse performer for today. On the chart I see a 15 hours of consolidation.
BUY 1.5289, S/L 1.5234 T/P 1.5344.
SELL 1.5240 S/L 1.5299 T/P 1.5213 (Hourly PIVOT).
Regards,
Efraim
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