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

 

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