Today I have made two videos with forex scalping.
The first one is about handling ranging conditions in gbpusd signal which appeared some time after the London open.
The second one is how I take the breakout from ranging conditions close theÂ* forex scalping target and convert it in intraday trade.
Two events helped the bears like me today.
a.Fresh USD bids hit the GBP/USD pair and pushed it to a session low of 1.5434 after Fed’s George, a well known dove, sounded less dovish.
Offered below Key fib level
The spot was quickly offered to daily lows once it broke below 1.5460 (61.8% of June rally). The USD bulls made a comeback today after the spot failed to sustain above 1.55 levels. The bearish pressure on the Sterling intensified after the upside breakout from the multi week range of 1.5460-1.5690 quickly failed as the spot made its way back in the range.
The focus now shifts to the second estimate of the US Q2 GDP, which is expected to show the economy expanded 3.2%, compared to the initial reading of 2.3%.
GBP/USD Technical Levels
The pair currently trades around 1.5440. The immediate support is seen at 1.5409 (38.2% of Apr-June rally), under which the spot could drop to 1.5369 (200-DMA). On the other hand, resistance is seen at 1.5468 (100-DMA) and 1.55 levels.
b.The GBP/USD pair dropped to a fresh session low of 1.5415 after the upward revision of US Q2 GDP pushed up 2-yr treasury yield indicating a rise in the rate hike bets.
GBP/USD at lowest since July 10
The spot breached the support at 1.5424 (Aug 7 low) to trade at its lowest since July 10. The upwardly revised GDP pushed the 2-year treasury yield to a session high of 0.707%. The yield has now erased entire losses witnessed in the recent bout of risk aversion.
Moreover, short-end yields represent rate hike bets. Consequently, an uptick in the 2-yr yield is leading to broad based USD strength. Meanwhile the drop in the US weekly jobless claims further added to the bullish tone on the USD.
GBP/USD Technical Levels
The spot is hovering near 1.5415 levels. The immediate support is seen at 1.5409 (38.2% of Apr-June rally), under which the spot could drop to 1.5369 (200-DMA). On the other hand, resistance is seen at 1.5468 (100-DMA) and 1.55 levels.
The three pairs I am watching daily
gbpusd
http://forexraiders.com/blog/wp-content/uploads/2015/08/forex-scalping-gbpusd-27-8-2015.png
gbpjpy
http://forexraiders.com/blog/wp-content/uploads/2015/08/forex-scalping-gbpjpy-27-8-2015.png
eurjpy
http://forexraiders.com/blog/wp-content/uploads/2015/08/forex-scalping-eurjpy-27-8-2015.png
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