Pre-nfp look at the GBPUSD. Mammoth upside setup.

9 Mar 2017

NFP is coming out tomorrow and the market already priced in the employment figures after yesterday NY trading session. Typically this news release generate massive volatility with stops taken out on both sides so caution is warranted. Waiting for next week trading to resume before placing orders would be prudent. Also, next week there is a highly anticipated FOMC meeting, with the market pricing in a rate hike, so I wouldn't be surprised if the market stall the GBPUSD until then before dropping it. I would be keen to watching for participants to be trapped before placing the buy. Good luck to all!