GBPUSD - Potential SHORT - Week Commencing 29th August 2016

FX:GBPUSD   British Pound/U.S. Dollar
Last week, Yellen stated that positive US reports have opened up the idea of a rate hike in September and we will need to see more positive US reports for the rate hike to be confirmed.

This acted as a huge catalyst on Friday allowing the US Dollar             to break TL on most pairs. As it stands the Dollar is looking bullish with investors waiting for US reports to solidify expectations of a rate hike. The next big report will be the US non farm payroll, scheduled to be released on 02/09/2016. This report is forecasted to be lower than the previous month but a higher than expected result will definitely provide the right catalyst and help the dollar continue its bull run.

On Friday, price broke the bullish TL on GBPUSD             after retesting and failing to close above the 71% fib line. In the coming week we expect price to retest the recently broken TL and continue down to the 1.29000 level as speculation for a September rate hike increases.

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