GBP/USD had a wide range during the Tuesday session, and ended up printing a doji for the day. The candle is right at the 1.60 level, and the 61.8%
GBP/USD had a wide range during the Tuesday session, and ended up printing a doji for the day. The candle is right at the 1.60 level, and the 61.8% Fibonacci retrace as well. The area looks like a great spot to run into trouble, and the candle sets up a binary trade: Buying on a break of the top of the candle or selling on a break of the bottom of the candle. With the trend being down overall, we prefer a selling situation and think the reaction of the markets to the European meeting later today will be the driver of this pair going forward.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
