GBPUSD Potential Short Term Buy
Today in the market GBPUSD fell during the New York session and now is a potential short term buy. GBPUSD fell to 1.19229. Currently the 4 hour RSI is oversold and the daily RSI currently sits at 39. The BB and KC indicators have shown strong selling volatility indicating a potential reversal here. The pound sterling has been trading under the 20 50 100 and 200 day SMAs on the daily chart. The MACD 30 minute chart has recently shown a buy signal and the 12 period rose above the 26 period ema.
Fundamental economic analysis showed today that US Initial Jobless Claims data was bullish (Actual:250K Forecast:265K
Previous:252K) which had a bullish sentiment from an expected standpoint and was also slightly bullish from a previous data standpoint.
Philadelphia Fed Manufacturing Index data also had a bullish sentiment overall: (Actual: 6.2 Forecast: -5.0 Previous: -12.3.
Finally US data finished off the New York session having a bearish sentiment overall in regards to Existing Home Sales data: (Actual:4.81M Forecast:
4.89M: Previous:5.11M).
Tonight Retail sales data for GBP will be released: (Forecast -0.2% Previous: -0.1%) and it seems analysts have taken a bearish stance.
Perhaps GBPUSD can see a 50-100 pip spike here.
Fundamental economic analysis showed today that US Initial Jobless Claims data was bullish (Actual:250K Forecast:265K
Previous:252K) which had a bullish sentiment from an expected standpoint and was also slightly bullish from a previous data standpoint.
Philadelphia Fed Manufacturing Index data also had a bullish sentiment overall: (Actual: 6.2 Forecast: -5.0 Previous: -12.3.
Finally US data finished off the New York session having a bearish sentiment overall in regards to Existing Home Sales data: (Actual:4.81M Forecast:
4.89M: Previous:5.11M).
Tonight Retail sales data for GBP will be released: (Forecast -0.2% Previous: -0.1%) and it seems analysts have taken a bearish stance.
Perhaps GBPUSD can see a 50-100 pip spike here.
Comment:
A little early, dxy looks to retrace next week