FX CHART OF THE DAY: GBPUSD MEAN REVERTION UPWARDS
GBPUSD has slightly fell outiside 1st standard deviation from weekly (120-h) mean, however amid strongly compressing volatility (measured by 3.2 st deviations from the weekly mean), indicating more probability to revert upwards to the mean than continue falling.
Traders can take long positions at re-tag of the 1st standard deviation from outside at 1.5160 - towards the mean, with stop below relevant lows at 1.5130
Target is +50 pips form the 1st st deviation toward the mean at 1.5210.
Breakeven cut off time is in 8 hours - after that trade should be put to breakeven asap if it is still open
Traders must also consider important UK news coming out 9-30 UTC
Traders can take long positions at re-tag of the 1st standard deviation from outside at 1.5160 - towards the mean, with stop below relevant lows at 1.5130
Target is +50 pips form the 1st st deviation toward the mean at 1.5210.
Breakeven cut off time is in 8 hours - after that trade should be put to breakeven asap if it is still open
Traders must also consider important UK news coming out 9-30 UTC