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GBP USD Technical Analysis - GBP USD Trading: 2015-01-15
Unemployment Claims
Today at 14:30 CET Unemployment Claims will be released in the US. The data is published weekly by the US Department of Labor. This indicator measures domestic demand dynamics and the consumer lending potential for the US economy stimulus. It is of considerable interest for long-term and medium-term investors. We deem the news released today would cause volatility momentum of the US dollar against the most liquid currencies.
Here we consider GBP/USD on the H4 chart. The price crossed a triple top pattern (marked in yellow) and returned to the support level at 1.51853. For this reason, this mark can be used for placing Stop Loss when opening a long position. Since ParabolicSAR values move along the trend line and Donchian Channel has reversed in negative direction, there is every reason to believe that bulls are gaining strength. There is no contradiction on the part of the RSI-Bars oscillator: it confirms the trend. The next volatility momentum can be expected after resistance level overcoming at 68.4128%. We expect it will accompany the price level intersection at 1.52711, which can be used for placing a pending buy order. After your order was being opened, Stop Loss is to be moved after Parabolic values near the next fractal low. Thus, we are changing the probable profit/loss ratio to the breakeven point. Conservative traders may also consider the alternative case, which is possible to happen if positive US data is released. Thus, a pending sell order may be placed at the support breakout below 1.51052.
| Position | Buy |
| Buy stop | above 1.52711 |
| Stop loss | below 1.51853 |
| Position | Sell |
| Sell stop | below 1.51052 |
| Stop loss | above 1.52711 |
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