With the USD strength noted after the Friday release of the Nonfarm Payrolls and a deeper than expected reversal against the prevailing trend, we should look for USD weakness with a certain amount of caution.
With the USD strength noted after the Friday release of the Nonfarm Payrolls and a deeper than expected reversal against the prevailing trend, we should look for USD weakness with a certain amount of caution. That being said, it appears that the GBP remains one of the stronger currencies into the beginning of this week. So perhaps a buy setup on the GBP/USD is the relatively safest way to play the potential USD weakness. This pair has pulled back down to support and has bounced back to the upside. Traders should use their own approach to identifying the entry with an MACD crossover being just one that could be used. Initial protective stops should be placed below support with target to take profits being set as twice that risk for our 1:2 risk: reward ratio.
