British Pound shows bullish momentum versus US
dollar and the magical number of 1.5700 that has had for around ten times has
to be broken any time now. However, if you look at 15 minute chart and the
bearish formation that has formed around the above mentioned level shows that
there still might be a dip below Asian
session lows before real buying pressure comes back. There is some fundamental
data that might impact exchange rate of gbp/usd. We have –
Markit Mfg PMI (AUG P) coming at: 13:45 GMT (Expected: 53.8, Prev: 53.8)
In fact, as I am
writing the post Asian session low has been broken. We need to wait for signs
of a reversal in order to go long (which is what I expect). Do not forget that
momentum is still bullish for the week. Lots of breakout traders have been
beaten trying to buy a break above 1.5700. At one point they will succeed, but
they will have lost too much money on their attempt. Better wait for a dip and
buy at support. At least this type of strategy works for me!
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