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Daily Bar Analysis - All Pairs/All Welcome 15 replies
Trade active: Sold
Trade active: Actual of GDP q/q came out to be 0.7% vs consensus forecast of 0.6% whereas revision in previous release was done from 0.5% to 0.1%. 'Revision in previous release' is way more negative than 'actual release today'. = Bearish
Comment: Plan for SL/exit in loss: Exit if it goes beyond high of spike (high of 15M candle formed at 5:45 p.m. EST) right after release of data.
On D1/daily time-frame:
GBP/USD took support at FIB38.2 which coincides with previous swing high.
On H4 time-frame:
The price closed above 3-3 SMA (shown in indigo color), fell down and closed below it then close above it again. The action should have been taken place in 3-5 candle but it is slow, it took 7 candles. Nevertheless, it looks like a Double Repo Pattern in terms of price action. The classical target of Double Repo is 50% of the swing.
SL, TP and entry have been shown in the screenshot: