GBP/USD Triangle Congestion Prior to NFP
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The GBP/USD has been congestion prior to NFP and it’s related data today. We might see 2 way price action before or during the NFP.
The GBP/USD has been in downtrend and we can see the consolidation/congestion in 1h time frame. We might see a breakout in both direction. However the scenario is to wait for potential counter trend or trend rejections. 1.4040 could provide short term rejections towards the 4015 and 1.4000 while 1.3940-50 zone could be used for potentially counter trend longs towards 1.3990 and 1.4015. Have in mind that the NFP release will be volaitle and you need to be very careful when trading from the zones/levels. Additionally, depending on result and due to profit taking we might see rejections from other Camarilla levels shown on the chart.
Good trading,
Nenad Kerkez aka Tarantula FX
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