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GBPUSD slightly higher in choppy price action today


GBPUSD chops high and low today. Slightly higher.

the GBPUSD

GBP/USD

The GBP/USD is the currency pair comprising the currency of the United Kingdom, the British pound sterling (symbol £, code GBP) and the dollar of the United States of America (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, it means that 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market, giving it abundant liquidity and a low spread. While currency pair spreads vary from broker to broker, generally speaking, GBP/USD often stays within the 1 pip to 3 pip spread range, making it a good candidate for scalping. GBP/USD, also known as the “cable” (due to the transatlantic cables used to telegraph its exchange rate in the 19th century) has a positive correlation with EUR/USD and a negative correlation with EUR/USD. ‘USD/CHF. Trading GBP/USD While many traders and even brokers will argue that the best time to trade GBP/USD is during its busiest hours in London and New York, this can be a double edged sword due to the unpredictability of the couple. Its volatility also fluctuates often, and so what might be a profitable strategy one month, may not be as productive the following months. Additionally, purely technical traders can really struggle to be consistent with this pair (i.e. ignoring the fundamentals), due to the unique political nature of the UK. The recent drama surrounding Brexit has added another layer of uncertainty to this currency pair. With a soft resolution not expected in the foreseeable future, it is clear that GBP/USD will be influenced by any development and trading with the European Union.

The GBP/USD is the currency pair comprising the currency of the United Kingdom, the British pound sterling (symbol £, code GBP) and the dollar of the United States of America (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, it means that 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market, giving it abundant liquidity and a low spread. While currency pair spreads vary from broker to broker, generally speaking, GBP/USD often stays within the 1 pip to 3 pip spread range, making it a good candidate for scalping. GBP/USD, also known as the “cable” (due to the transatlantic cables used to telegraph its exchange rate in the 19th century) has a positive correlation with EUR/USD and a negative correlation with EUR/USD. ‘USD/CHF. Trading GBP/USD While many traders and even brokers will argue that the best time to trade GBP/USD is during its busiest hours in London and New York, this can be a double edged sword due to the unpredictability of the couple. Its volatility also fluctuates often, and so what might be a profitable strategy one month, may not be as productive the following months. Additionally, purely technical traders can really struggle to be consistent with this pair (i.e. ignoring the fundamentals), due to the unique political nature of the UK. The recent drama surrounding Brexit has added another layer of uncertainty to this currency pair. With a soft resolution not expected in the foreseeable future, it is clear that GBP/USD will be influenced by any development and trading with the European Union.
Read this term is trading slightly higher on the day (closed yesterday at 1.3070 and is currently trading at 1.3076) in what has been a choppy trading day.

GBPUSD’s initial move was down on yesterday’s down day which first saw a higher price break (MA above 100 and 200 hourly and down sloping trendline), for s reversed sharply to the downside through buying dollars on the Brainard comments.

Today’s low reached below last week’s low at 1.3049 but could only reach 1.3043 before turning higher. Missed break.

This failure saw GBPUSD price move back below a broken trend line and below the 100 hourly MA (blue line). The last 8 hourly bars, however, saw a move up and down that saw price move back below Friday and Monday lows. and back towards the end of yesterday.

Sellers are trying to regain control, but choppy trading suggests there are buyers too. Staying below 1.3092 will be considered a sign of bias. Stay below and vendors are ok. On the downside, going down and staying below 1.3049 increases the bearish bias


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