Elliot_Myers

GBP/USD High Impact News Week Preview

FX:GBPUSD   British Pound/U.S. Dollar
US news dominates this week and therefore waiting for how price reacts at key levels is key to success.

At present price has rejected new lows and is hinting at a retracement which will likely be to the 50% fib level.
With that said a continuation of the downward trend cannot be ruled out with Yellen due to speak Tuesday afternoon and Carney Wednesday morning, both events more then likely to influence price action.

As with most non farm weeks price is likely to consolidate around a key price level pending the Friday release, this will likely be the 50% fib level.

A break above or below this level has been outlined, this pair is looking for direction with the Brexit decision looming and the possibility of higher US interest rates and paralysis of the BOE due to Brexit all making for an interesting mix of risk factors for investors.

Trading around breaks of key levels is likely to yield the best results, use news releases to your advantage and wait for clear direction from price action before deciding on a bias as this pair is likely to be temperamental this week,



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