Weekly Recap

Friday's big news, the US non-farm payrolls, came in higher than expected at 211,000 I believe. This sent the Cable plummeting from around 1.7500 to a low near 1.7400 for the day. I didn't make any moves on Friday, so I missed all of the action. Perhaps next time I will avail myself of the opportunity to make some profit.

I finished last week down 50 pips. I'm hoping I can erase the deficit this week.

On to Monday's action...

There really wasn't much going on. The Cable spent most of the day between 1.7420 and 1.7470, briefly falling to 1.7380 near the end of the European session but returning to above 1.7420 before the end of the American session. Terribly uneventful stuff with no fundamentals to muck up the situation. Also probably a good time to get in some good trades, I'm beginning to believe.

As best I can discern, there shouldn't be any weighty fundamental news coming out tomorrow. Given the Cable's recent bearish performance, and 4Cast's short-term bearish prognosis, I plan on selling the GBP/USD pair when price if it hits 1.7410, just below today's pivot point. I'll take profit at 1.7380, Monday's low and S1 based on Monday's data. I'll stop the bleeding at 1.7430.