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GBP/USD: Bullish Pennant (September 19, 2013)

GBP/USD staged a strong rally yesterday, thanks to the upbeat BOE minutes and the Fed’s decision against tapering. This was enough to push GBP/USD past the upward channels on the 1-hour and 4-hour time frames.

Right now, a bullish pennant consolidation pattern is forming. Although the path of least resistance is to the upside, there’s still a couple of event risks for the UK today.

The UK will release its retail sales and CBI industrial orders expectations. A small rebound is expected but we might be in for strong figures, given how the UK economy has been performing recently.

130919_gbpusd

A long order above the 1.6150 area is a good level to enter and a tight stop below the pennant would yield a good reward-to-risk if you’re aiming for the 1.6300 resistance.

By Kate Curtis from Trader's Way

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Cotizaciones
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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