Trading the News: How Dueling Speeches Affected the GBPUSD
Just wanted to document how tracking the news should be an important part of EVERY trader's practice...
Take for example, an hourly chart of this week's GBPUSD...
In particular, notice how this week's MOST significant price action corresponds with two major speeches by UK officials.
In the first instance, BoE governor Mark Carney delivered a "dovish" speech where the headline message was "no rate hikes yet"
https://www.bloomberg.com/news/articles/2017-06-20/carney-s-brexit-concerns-mean-boe-governor-in-no-rush-to-tighten
However, no less than 24 hours later, Chief Economist and UK-MPC Andy Haldane delivered a "hawkish" speech which put him directly at odds with Carney.
https://www.theguardian.com/business/2017/jun/21/bank-of-england-interest-rate-rise-andy-haldane-mark-carney-mpc
Both speeches initiated a 100pips movement (1st decline, then rally) in a relatively short period...
So, the lesson to take from this moment...? Stay on top of your news..!!!
(For those who don't know: I highly recommend ForexFactory as a great source of fundamental announcements as well as breaking news...)
Good Luck and Always Trade Mindfully...!
...$B...
Take for example, an hourly chart of this week's GBPUSD...
In particular, notice how this week's MOST significant price action corresponds with two major speeches by UK officials.
In the first instance, BoE governor Mark Carney delivered a "dovish" speech where the headline message was "no rate hikes yet"
https://www.bloomberg.com/news/articles/2017-06-20/carney-s-brexit-concerns-mean-boe-governor-in-no-rush-to-tighten
However, no less than 24 hours later, Chief Economist and UK-MPC Andy Haldane delivered a "hawkish" speech which put him directly at odds with Carney.
https://www.theguardian.com/business/2017/jun/21/bank-of-england-interest-rate-rise-andy-haldane-mark-carney-mpc
Both speeches initiated a 100pips movement (1st decline, then rally) in a relatively short period...
So, the lesson to take from this moment...? Stay on top of your news..!!!
(For those who don't know: I highly recommend ForexFactory as a great source of fundamental announcements as well as breaking news...)
Good Luck and Always Trade Mindfully...!
...$B...