FX CHART OF THE DAY: GBP MEAN REVERTION DOWNWARDS IN PROGRESS
GBP has recently broke down inside the 1st st deviation from weekly (120-hour) mean.
There is high chance of price tagging the mean now amid compressing volatility.
Traders can catch up with it by shorting (preferably closer to the 1st st deviation @ 1.5635) in view of price falling to its weekly (120-hour) mean @ 1.5595
However traders willing to jump into the move should also put a stop above the relevant highs (@ 1.5680), despite the fact that the stop level is far away upwards from the price.
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Please mind volatile calendar news due today on the pair: at 8-30 and 14-00 GMT!
There is high chance of price tagging the mean now amid compressing volatility.
Traders can catch up with it by shorting (preferably closer to the 1st st deviation @ 1.5635) in view of price falling to its weekly (120-hour) mean @ 1.5595
However traders willing to jump into the move should also put a stop above the relevant highs (@ 1.5680), despite the fact that the stop level is far away upwards from the price.
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Please mind volatile calendar news due today on the pair: at 8-30 and 14-00 GMT!