GBPUSD 18th July 2013

Yesterday the GBPUSD break the high (1.5222) of 11th July, thanks to the better than expected Claimant Count Change which shows -21.2k compare to previous -16.2k. And also the MPC Asset Purchase Facility Votes shows 0-0-9, BoE New Governor Mark Carney managed to unify the 9 members into voting to leave the QE unchanged at 375 billion GBP, where previous month results is 3-0-6 where 3 members (Sir Mervyn King, David Miles, and Paul Fisher) votes for extra 25 billion GBP asset purchase. If the Retail sales later shows a better than expected data again, we might see another bull runs in this pairs.....

i'm planning to make a buy @ 1.5105 near my Support 1, aiming 50 pips. but i will make my decision after the UK Retail Sales scheduled to release at 4.30pm later. Lets wait and see how it goes...

trade update, 16:45

the UK Retail Sales released shows a 0.2% growth, meet the market expectation. And looks like the market took it as a bullish sign even its way below the last month figure (2.1%). immediately after the release, the pair went up 45pips.... Hmmm, i will remain my buy limit position, and maybe will make a Sell @ 1.5290 which is my Resistance 1 from my pivot indicator, take a small counter trend trading aiming for 25pips with smaller lot size. So lets wait for the price to move....

trade update, 19th July 2013, 17:00

Yesterday night we had some good data from the US which the Unemployment Claims comes in 334K better than consensus 344K, and the Philly Fed Manufacturing Index showed a whopping increase 19.8 than 8.5 forecast. From the FED chairman Ben Bernanke 2nd day testify, Mr.Ben said that the FED is in no rush to increase interest rates while reducing the QE is still their intention, but the Bank's decision will based on the strength of the recovery as determined by economic data, especially the jobs market. So for the near future we can expect that the traders will watch closely the employment data from the US as an  indicators to trade.

Technically, the pair is currently trading at 1.5250 which is near to the previous high, and looks like it is going to break the ascending triangle, i will remove my previous sell limit @ 1.5290 for now, and wait for the breakout. As it is Friday, and we don't have much important news on the lines, so i don't expect much movement tonight, unless something big came out of the G20 meetings.
For now my trade plan for this pair is that if the price breakout of the ascending triangle, i will look for the retest of break and try to make a buy next week.