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GBP/USD Signal -USD Redbook Index - 7 July 2020

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Signal Details
Entry Price: 
1.2487
Take Profit: 
1.2455
Stop Loss: 
1.2520
Direction: 
Sell
How we trade
Average: 5 (1 vote)

GBPUSD appears to be opening up to downside at the start of the Europe Session today. Markets appear to be moving in anticipation of the USD Redbook index data which provides a year by year measure of same-store sales growth. Typically a positive reading is bullish for USD whereas a a lower number is bearish for the USD. Technically price has broken below the 30m 50ema, and has rebounded off resistance at 1.252. We anticipate continued downside into 1.2455.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.