Market Movement
Yesterday we posted two buy levels on the GBP/USD and EUR/USD. The EUR missed the mark by 10 pips or so. However, the GBP had a solid spike into the 1.4725 buy level. We have now seen a push all the way into the 1.5050’s for a total move of about 325 pips. There was some hesitation at the 1.4875 area and may have cause many traders to jump out. Yet even an exit at this level would have profited 150 pips.
This trade was a good solid entry for the week and shows how a little patience and waiting for the right opportunity is the safest move in this environment.
Intraday Safety
As we cautioned last week, this is Friday and over the past several weekends we have seen large gaps develop at the open on Sunday evening. You may want to use caution on any entries today and treat any trades made as intraday for safety over the weekend.
