Sometimes the moves start from what cannot be done. Be aware for the reversals.
The GBPUSD was hit with a piece of news which should have sent the GBPUSD lower today. GDP came out at at 0.3% for the 1st quarter. The estimate was 0.5%. It may be old news- we are nearly into May now - but it is not good news especially when compared to the quarter on quarter changes seen in 2014 (+0.9%, +0.8%, +0.6% and +0.6%) .
The price moved lower with the bearish story, but the fundamental move could not continue through key support against both the 100 day MA and trend line support. See the video below that outlines the situation.
Sometimes the market moves because of something it could not do. It can frustrate traders who are looking for the completely opposite thing to happen. It can also lead to a pretty significant move in the opposite direction of what is expected.
So listen to what the price action is saying. It might save you from losing a lot, and may even get you on the right side of the days "real" trend.
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