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They knocked on the door (and the GBPUSD door opened), but pushed out
In earlier posts today, I talked about the EURUSD and the 1.13927 level and the GBPUSD and the 1.27244 to 1.27313 area.
The EURUSD did move up toward the 1.13927 only to turn away at 1.13917. We trade at 1.1380 currently.
The tease was worse for the GBPUSD. Its price moved to a high of 1.27338. So the bullish door was open. The price walked through, but was pushed out. Buyers turned to sellers and we trade at 1.27068.
Bulls/buyers are disappointed, but that’s trading. You need breaks to lead to momentum. When they don’t traders can take it personally and reverse (or get out).
London/Europe traders are getting ready to exit. The weekend still has it’s share of risk. Flows will dominate as traders pare positions ahead of that risk.
This article was originally published by Forexlive.com. Read the original article here.