Price action traders are moments away from entering short for GBPUSD as the Dollar is on its way to make a new higher high.
It seemed highly likely yesterday that GBPUSD was ready to be sold. However, the Dollar ran under brief pressure by bears which kept the Dollar below this week’s high. GBPUSD spent the last 36 hours in a small range on the hourly. However, today’s Dollar bullish has pushed GBPUSD into a prime entry spot.
The Dollar sold off sharply after attaining July’s high at 93.170. Price action traders knew that this was not a reversal, but a mere pullback to a key zone. As expected, the price has had a bullish response near 92.850 as seen by the hammers printed on the hourly. This should indicate a push higher to make a new high.
With tomorrow’s fundamental schedule being clear, traders can expect smooth trading conditions to end the week off. Many markets such as the crypto and commodities markets are completing pullbacks in hopes of giving one last surge higher.
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- Read our previous blog article: Gold and Ethereum Longs as Dollar Pullsback from 93.170
