Sforex
Short

GBPUSD: SHOULD CORRECT BEFORE BOE MINUTES

FX:GBPUSD   British Pound/U.S. Dollar
341 5 7
I SELL GBPUSD             to 1.7070 , stop loss at 1.7175

There are a lot of reason for this decision.

The main reason comes from Technical Analysis . I see too many SELL signals I show on the chart.

The minor reason is that:
- The inconsistent of UK labor market could delay the rate hike decision of BOE. With the improve of jobless claim alongside decline in wage growth, BOE has to consider carefully before giving any further instruction.They emphasized in recent Minutes, they focus on wage growth and inflation . This week, we saw an improvement in inflation , and I think BOE would wait for more economic data especially from wage growth.

Moreover, recent days showed some positive signal from FED. Beige Book today indicated that US economic activities develop in all 12 Districts, and FED chairwoman Yellen had some suggest about first rate hike. She said in her Testimony that first rate hike would depend on labor market, and we saw that NFP report last weeks are always above 200k. This encourages investors to begin BUY USDollar             to catch the strength of greenback.

Next week, the main focus relating to GBPUSD             will be BOE Minutes. From now to that time, I think GBPUSD             will correct to 1.7070


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ali.se.18
2 years ago
Very nice!
Reply
JGaruty
2 years ago
maybe you are right but for me I saw a great bullish pattern and am already in buy position since the hit of my TRS, and I think the cable have the potential for move higher toward 7200 especially after the great positive data that we saw on the BRITISH economy which in turn may force BOE to raise the rate
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Sforex PRO JGaruty
2 years ago
This position was closed. It hit take profit. Case close...
Reply
JGaruty
2 years ago
and yes it might correct lower toward but Friday close was not bad for bullish continuation .
Reply
ali.se.18 JGaruty
2 years ago
The longterm view allows a correction to 1.69 and it would still stay bullish.
Reply
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