A very light news session to end the week and an overall subdued trading session – with tighter ranges being put in by most of the majors. The GBP set up requiring a stop loss of 19 pips for a potential 70 pips of reward. The setup is a familiar one, but the reward didn’t pan out. The UK traders pushed price above the Asian session highs twice..each time pulling it back. After the second pullback we enter long hoping to get above the 1.53 Figure, but it wasn’t to be. Price seemed content to dance with the Asian session highs in a tight range for the remainder of the session. Had they given up the 1.5265 area – the 1.53 figure was realistic.
Enjoy your weekend!
Back on Tuesday if we find a trade.
Good luck with your trading!