Despite being a technical trader, there are some fundamental factors floating in the background of today's trading idea.
1) We saw weakness on the GBP today due to some political uncertainty & investors having concerns over the stability of the UK's leadership and economic direction.
2) We saw a drop in the ADP Non-Farm Employment Change for the US Dollar today which is starting to look like a trend rather than a one-off.
Why this is important is because, despite the very bearish day that the
GBPUSD had today, I don't think the GBP reaction is as relevant as it's shown and I do think the USD is weaker than it's shown on this particular chart, due to the reactions that we've seen on other crosses.
All in all, that this means is that I wouldn't be shocked to see today's move corrected and price is at the perfect technical level to do just that.
If you have any questions, comments or opinions, please don't hesitate to leave them below.
Akil
1) We saw weakness on the GBP today due to some political uncertainty & investors having concerns over the stability of the UK's leadership and economic direction.
2) We saw a drop in the ADP Non-Farm Employment Change for the US Dollar today which is starting to look like a trend rather than a one-off.
Why this is important is because, despite the very bearish day that the
GBPUSD had today, I don't think the GBP reaction is as relevant as it's shown and I do think the USD is weaker than it's shown on this particular chart, due to the reactions that we've seen on other crosses. All in all, that this means is that I wouldn't be shocked to see today's move corrected and price is at the perfect technical level to do just that.
If you have any questions, comments or opinions, please don't hesitate to leave them below.
Akil
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tieronetrading.com/
The Trading Coach Podcast
anchor.fm/thetradingcoachpodcast
Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Coaching, Courses & Community
tieronetrading.com/
The Trading Coach Podcast
anchor.fm/thetradingcoachpodcast
Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
tieronetrading.com/
The Trading Coach Podcast
anchor.fm/thetradingcoachpodcast
Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.