The GBP failed to get above the 1.5218 level to challenge yesterday’s high. After three attempts, a reversal sets up a short at the US open. The intention is to get through the Asian session lows before moving down to our Targets 1 and 2. With FOMC later in the session the market has been subdued and many institutional positions were closed or lightened yesterday. As the UK session concludes we exit the position before making it to the Asian low for modest gains.
Anticipating the FOMC message stays the same, we will look to trade with USD strength setups going forward.
Good luck with your trading!
Back tomorrow if we find a trade.