Firstly i would like to apologize since this blog didn't update for a long time. Here im back to provide my understanding in Fundamental Analysis and Technical Analysis base on my new setup.
Now, we see the Fundamental Analysis first before we start further in Technical Analysis as per previous session which we need to verify the market direction.
As seen in the Forex Factory calender, GBP will soon Berish direction since it has Public Sector Net Borrowing. It is the difference in value between spending and income for public corporations, the central government, and local governments during the previous month. The usual effect for this kind of news is when the Actual < Forecast , it will GOOD for GBP currency. So from here we can know that direction for GBP is bearish towards this news.
Then, lets us see the Technical Analysis for GBP/USD pair.
From Technical Anaylsis base on my chart setup, in circle area is where the market heading. It already towards Bearish movement. But to confirm the movement, we need to ensure the candlestick breach the blue line and appear a Red Ball. Thus, the SSD need cross the overbought level which in the chart below. Once all the indicator are same decision, then we will follow the market flow.
Now, let us see Technical Analysis for the EUR/USD pair.
From the Technical Analysis above, the candlestick already breached the blue line and Red ball appeared above it. So, one more confirmation is the SSD need to cross the overbought level. Then, as usual we follow the market flow.And as for Take Profit is until the last mile of the trendline or you can set your own TP.
Be sure of your Money Management and Stop loss factor to avoid any circumstances that will make market is not as what forecast.
See you then for tomorrow...Happy trading...