GBPUSD Trading idea for the week of 23-April-2018

GBPUSD pair initially tried to rally, but rolled over and has fallen for 3 consecutive days beginning on Wednesday. This was due to the disappointing CPI data on Wednesday and the equally disappointing retail sales data on Thursday. The pair closed the week a handful of pips above 1.4000 level. This level could offer a bit of a support, but can easily break due to the weak fundamentals. Therefore it looks like if anything could provide support, it will be the up trendlines as shown below.

GBPUSD Daily

Trading Preference
We need to wait for the pair to show signs of support if it tests the up-trendline. Buy if the pair shows a strong supportive daily candle. However, if the trendline is broken, that could send the pair much lower.


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