After hitting R2 on Wednesday, the Gbp/Usd has gone sideways and has been trapped between R1 and R2. We have bullish hidden divergence at the moment on the 4 hour charts that has signaled a buy entry however the Daily charts are still very much oversold and the indicators are starting to lose momentum.

I’m looking for either a sell at a close below R1 and a break of the trend line or a buy at a close above R2 at 15885.

There are several news releases due out today for the USD that are high impact in nature.

1.8:30am EST – Non-Farm Employment Change
2.8:30am EST – Unemployment Change
3.8:30 am EST – Average Hourly Earnings – Medium Impact
4.10:00am EST – ISM Non-Manufacturing PMI
5.10:00 am EST – Factory Orders – Medium Impact

Stay safe today!

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