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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
