Is GBP/USD Still Bullish?

Getting a lot of questions from traders this morning (PST) asking why the GBP is falling across the board when UK 2Q GDP came out higher-than-expected. There are several reasons.

1. The market can do whatever it wants.

The move could have been caused by profit-taking, swing buyers, or position-sizing. It doesn’t matter. Trade what you see, not what you think. The market doesn’t have to rally on good numbers and doesn’t have to fall on bad. Know your levels and trade what price is actually doing.

Not all dips are acts of weakness.

GBPUSD DAILY CHART

 

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.

comments powered by Disqus
Faith Might FX Blog