GBP/USD – 4H.
Good day, dear traders!
As I expected yesterday, the quotes of the EUR/USD pair performed a consolidation under the global correction line, which worked in favor of continuing the fall. I mentioned two targets – 1.2904 and 1.2789; the first of them is almost worked out. It is literally 20-30 points away, but I want to warn traders that within an hour the mood can change sharply to "bullish", as important reports on the labor market (Nonfarm Payrolls), unemployment and wages will be released in the US. It is impossible to predict what these data will be, so I recommend closing any trades before these reports are released or staying in the market, but subject to increased risks. I also want to note that strong reports from America can further strengthen the "bearish" mood of traders, which can lead to a confident working out of the first goal and to closing under it, which will further increase the likelihood of a further drop in quotes.
Forecast for GBP/USD and trading recommendations:
The new trading idea is to sell the pound with targets of 1.2904 and 1.2789, and so far it is being worked out at 100%. Trades don't have to be kept open all the time until the price reaches the second goal. Today, I recommend trading very carefully because of the high degree of influence of American statistics on the dollar. A sharp reversal of quotes in favor of the British currency is possible.
