GBPUSD Range

Good morning Dynamic Traders,

Yesterday has provided our members with more winnings to add to the already profitable year we have had so far.

From the start of the year, most weeks and every month has provided positive results and as market conditions change we need to change with them. The chart below shows an example of a market change.




Chart courtesy of Advanced Get. Data provided by eSignal.

Although not drawn on the chart, you will notice MACD converging showing us a possible pullback/consolidation. The GBPUSD is in consolidation from 1.48 - 1.54 after the recent move down. On the chart you can see Stochastics is overbought and almost crossing down from the O/B line showing us a potential weakness.

As Richard has pointed out on his forex update this morning when I was still asleep, he is waiting for a break of the 1.48 support before looking to take a trade. Short term traders could position themselves earlier for short term gains but conservative or swing traders will want to follow Richard's guidance on the Cable. You can read Richard's GBPUSD update here.

The Euro Dollar has almost reached recent support so watch for a break or bounce of this for a trade opportunity. Dynamic Traders will know our specific methods to enter the trade and should follow those rules.

Looks like a nice day here in London but unfortunately we are unable to take advantage of this as we have a busy schedule.


Good trading.

Javid Shaik
Dynamic Trader