GBP/USD Movement Track

GBP/USD or GU as we call it fell sharply in 2 trading sessions from 9050 levels to 8800 on fears of rate hikes by fed on account of jobless data.

With the Beige Book data suggesting there will no longer be any rate hikes, possibility of a weaker $$ has increased, plus as per daily charts GU is bouncing back for the second time from the 61.8% fib level.

So the question arises is that 9100 looks easy to achieve, but can we see higher this time ?

The factors which could weigh down is the UK data and JPY crosses activity.

My trades were short from 9040 to 8834 earlier, now i am long with 9100 target on the minimum side.

yeah, that long trade looks pretty good. I got in yesterday at 1.8810 as wel, then took a quick profit at 33 points. I generally did not like to trade long when downside momentum is too much. BUt hey, I think this one has a chance to go back to the previous day's consolidation area 8930 ish. however, BOE may rattle the market a bit. get ready for some stop hunting below yesterday's low. If you really have faith in this trade, you might want to move your stop a bit below yesterday's low.