GBPUSD - Wedge + Corrective Pullback Off Support | Mar 5th

gbpusd daily market commentary mar 5

​GBPUSD – Corrective Pullback Followed By Corrective Bounce?
​Yep, you heard it, a corrective pullback followed by a now corrective bounce. Clearly there is a lack of one-way action here, and nobody taking the mantle here. The good thing is for those still long from our buy reco above 1.6600 & the 20ema, you are a) still in profit, and b) making some carry on the trade (almost = to the .25% interest in your savings account :-o).

For now, the range dominates with a wedge formation building. Range highs come in at 1.6820 highs and 1.6584 holding the range lows. Watch for things to go out of bounds before taking a position, or play the range for a tortuga …

... Keep reading