Looking At The Pound

Looking at a market profile view of the GBPUSD you will immediately notice that price has been trading in a range smaller than the single range of last Friday.

The double inside day usually means when we do break out of the existing range, we could be in for some pretty big moves.

It is also of interest that today’s high was right at Friday’s VIRGIN POC and with 30 minute tweezers. That first time virgin bounce was good for about 50 pips, but never made it down to the virgin created yesterday at 1.5431. That with todays action created a virgin at 1.5479 creates a nice trading range between the two virgins

I think virgin POC’s are good complimentary indicators so look for whatever system you use to give entries around 1.5431 and 1.5479.

Trade well.