US Oil Hits $62 Per Barrel + GBPUSD Longs

After briefly pushing above 91.00, the Dollar has found itself on the way back down to 90.50. As a result, many of the majors should resume their gains against the Dollar.

Price action traders entered a swing long position for US Oil on February 2nd, 2021. Since then the price has jumped up +750 pips to the upside. Traders have their stop loss well into profit and are looking at $65 per barrel as a final target.

On the higher timeframes, GBPUSD’s uptrend is still healthy and well. The pair started its uptrend back in September and has not looked back since. Price action and smart money traders are expecting further upside. Price action traders will enter once the daily closes bullish.

Tomorrow will be an important day for both EURUSD and GBPUSD as we have manufacturing data being released. Currently, the forecasts are mixed and so it’ll be hard to gauge the result. Traders are encouraged to manage their risk accordingly.