Traders! What is happening? I hope you’re all well & rested. Market opens in about an hour (finally we get our lives back 😆), so I thought I’d share my outlook on GBPUSD.
We have important UK economic data coming out tomorrow. The forecast is lower than the previous, which should naturally weaken the Pound (GBP pairs) however we’ll have to wait & see.
Secondly, with the FED interest rate meeting approaching DOLLAR should not be trading where it is with what is expected. The Dollar got hit after BoJ & MoF ‘stealth’ intervention essentially meaning they were buying up $15 billion worth of JPY on Friday.
The GBPUSD chart looks good on the Technical side of things. Price closed in my area of interest, my Fibonacci levels. We could see a deeper correction in Price to 1.3500.
When price shows a clear rejection out of 1.3500 & UK economic data comes out as expected or lower, best believe I’m taking the SHORT TRADE.
We have important UK economic data coming out tomorrow. The forecast is lower than the previous, which should naturally weaken the Pound (GBP pairs) however we’ll have to wait & see.
Secondly, with the FED interest rate meeting approaching DOLLAR should not be trading where it is with what is expected. The Dollar got hit after BoJ & MoF ‘stealth’ intervention essentially meaning they were buying up $15 billion worth of JPY on Friday.
The GBPUSD chart looks good on the Technical side of things. Price closed in my area of interest, my Fibonacci levels. We could see a deeper correction in Price to 1.3500.
When price shows a clear rejection out of 1.3500 & UK economic data comes out as expected or lower, best believe I’m taking the SHORT TRADE.