GBP vs USD Range Trade Opportunity

7 de ago. de 2015

I am suggesting a trading opportunity for the GBP vs USD. Today we had major news with the USD which affected the price. Price had been sitting inside of a range or a bullish channel before the news this morning. The news event took the price outside of the range channel which is located at 1.56897 top of range and 1.54905 at the bottom of the range. We had a very big H-4 Pin Bar Rejection right outside of the bottom of the range as price is now trying to correct itself after the news event. The correction and rejection occurred at 1.54941 which is also a support level. I have shown the entry and SL levels on the chart along with a possible take profit level. I feel that the price is going to continue following what it was doing before the news event and stay within the range due to the fact that price has rejected going outside of the range even with the news and also August being a month of failed breakouts due to less market volume. Check me out at www.fxatoneglance and Traders good luck and have a great weekend. God bless!