All Quiet on the GBP/USD Front

While there was a 100+ pips worth of action on fundamentals Monday, Tuesday is shaping up to be a quiet day. There will be very little fundamental data to move the market. I would think (in my rookie state) that when there are no fundamental monkey wrenches to be thrown in to the market, technical trading plans should rule the day. But seeing Monday's news-driven meteoric rise, I'm not sure if the upward vibes will continue into Tuesday.

4Cast sees the Cable being "boxed in between ... 1.7495 and 1.7275" for the short-term. They also see the "Next bounce resistance is at 1.7430/55." Despite my hesistation, I'll bite. I'm putting a limit order in to buy at Monday's high of 1.7405, and a take profit at 1.7430. I'll keep the stop loss 20 pips down at 1.7385. I'll check in tomorrow morning and reevaluate.

In somewhat unrelated long term news, on a yearly perspective, the GBP/USD pair is consolidating. It also looks like a descending triangle, perhaps auguring a reversal of the long-term pattern.



Until next time...