GBPUSD continue to pullback down. I am already out of both trades with great gain.
I am waitting for a bounce at 1.6484. This may be where I will buy it again if my indicator gives me the signal to buy it. Also tonight is the GBP news. This will determine also where the price will likely mive for the next couple of the days. I will wait until then to make a trading decision. But overall, the long term uptrend is still intact and has not change yet.
The news will be around 23.00
Here is the what the news will be about and see how it can affect the pair we we are trading:
Upcoming News
Nationwide Consumer Confidence
Description:
Survey that queries economic participants on their current and future expectations for the UK economy. Rising consumer confidence generally precedes increased consumer spending, which drives both economic growth and inflation. The figure is released at the start of each month, making Nationwide Consumer Confidence a timely measure of consumer sentiment now and in the immediate future.
The headline figure is the index value for the Nationwide Consumer Confidence Index, where the May 2004 figure is 100.
Source of report: Nationwide Building Society
Web address: http://nationwide.co.uk/default.htm
Frequency: monthly, on the Wednesday before the Monetary Policy Committee announces its Base Rate decision
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