Friday Showdown GBPUSD

faithmight

I decided to change the Friday Showdown this week. Wanting to pay homage to Howard’s Overheard on StockTwits series, here is a recap of Friday’s incredible price action in the $GBPUSD. I am highlighting some of the great traders whom I have the pleasure to know (and you should follow) and give you the best knowledge and insights shared by forex traders on StockTwits. If you are new to forex trading, I hope that you join us on Twitter and StockTwits. The knowledge shared here is awesome, genuine, and freely accessible. And the traders are fun!  You’ll definitely learn something. Every day. I know I do.

Click the final tweet below for an excellent video review of that $GBPUSD action on a 1h chart.

The $GBPUSD stream was alive today as the bulls staged a rally that was broke the pair to multi-month highs. Bulls are exuberant, bears got trampled. I had a great time trading and talking with my fellow traders today. The comrade is great. After retracing to 1.5550, to the pip, on a 50% retracement level on the hourly chart. And never looked back.

faithmight on stocktwits

The packed US calendar today came out mixed as US GDP came out weaker-than-expected, Chicago manufacturing surprised higher, and Americans saved more money last quarter. Risk appetite just surged as the USD weakened across the board except versus the JPY, the funding currency of choice.

johnriverafx on stocktwits faithmight on stocktwits

After all of this week’s central bank official comments and economic new releases around the world, a fundamental shift may be occuring in the markets in regards to to the UK and US monetary policies.

fxretracer on stocktwits

After topping out at 1.5720, $GBPUSD looks like it will consoldate near 1.57 to close the week. A bullish close like that could be a trap. Like I wrote on Wednesday, many traders are wondering what will cause a deeper correction.

raulmarcusbruno on stocktwits

Yes, there will be dips. Price never moves in a straight line. However, I wouldn’t bet too much on a deep correction below 1.5000 (or even 1.5500). This new bullish trend has become a trend to be recockened with! Study your time frames and trade what you see!

50pips on stocktwits


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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