Yahoo Finance GBP/USD Day Trade March 4
Vital high /low points remain intact except for EUR/USD at today’s 1.2050. While 1.2050 is a crucial number from the drop at week’s beginning at 1.2061, the ultimate change of trend sits at 1. 2020. A dark area exist between 1.2050 and 1.2020. Dark areas exist often to prices and normally its considered neutral zones or vital areas between two vital moving averages.
USD/JPY at 107.00’s trades deeply overbought above 105.46. If USD/JPY continues to trae above 105.00’s then EUR/USD must break lower to lead the non USD pairs lower to include GBP/USD, AUD/USD and NZD/USD.
As reported to the weekly note, GBP/AUD broke 1.7885 and traded 85 pips lower to 1.7810 or 75 pips, an odd number again. GBP/NZD broke lower to 1.9093 from 1.9176 or 83 pips.
DXY’s vital MA at 91.43 traded to 91.36 failed to break higher then dropped to 90.63 or an overall drop of odd number 73 pips.
GBP/USD Day Trade
Yesterday’s target at 1.4010 traded to 1.4005 and as written short was the trade to target 1.3947. GBP/USD achieved 1,3947 just 2 hours later for +58 pips and actually traded to 1.3945. GBP/USD then spent the next 3 hours in a 1.3944 to 1.3971 range or 27 pips and no trade was available. The best of the trade short was taken immediately however due to the day trade time, the written word and location of GBP, the only trade was short.
What was traded yesterday and traded every day is 3 news announcements for Europe, UK and the United States at 8:30. Day traders last chance to profit is 8:30 then day trades end at 9:00 until the new market time change in 2 weeks. Trades will then run from 2:30 am to 10:00 and meld directly into ECB at 10 am. The overall trade everyday is the GBP/USD Vs USD/GBP relationship. Was yesterday’s high at 1.4005 the result from GBP/USD or USD/GBP.
Today GBP/USD Day Trade
At 2 hours into today’s trade, GBP/USD traded 1.3967 to 1.3939 or 28 pips. Note 1.3939 as yesterday’s vital point to short and trade lower. While yesterday’s 1.3939 held significance, today it doesn’t exist as vital to the overall price path as support, resistance or trade level.
Here’s today’s GBP/USD
1.3886, 1.3892, 1.3903,1.3904, 1.3912, 1.3921, 1.3930, 1.3939, 1.3948,
Above: 1.3965, 13974, 1.3983, 1.3992, 1.4001, 1.4010, 14019 and 1.4028.
Yesterdays’ 1.3885 as a vital point to target lower becomes most important to the downside. As stated many times, prices don’t trade but rather they shift as a structural change. GBP/USD holds a cluster at 1.3904 and 1.3903 and should serve as today’s long point to target first 1.3921.
Support and resistance imports for today 1.3904, 1.3921 vs 1.3992 and 1.4028.
While 1.3903 and 1.3904 serves as solid support, both points match to USD/CAD 1.2611 and 1.2612. If GBP/USD breaks lower at 1.3904 and 1.3903 then USD/CAD will trade higher from 1.2611 and 1.2612 to target 1.2629 and 1.2636. Brek of 1.2644 then higher and GBP/USD lower must cross 1.3959.
This article was originally posted on FX Empire
