The GBP is still at the top of the Daily strength meter v CAD which has dropped below the zero line the past 3 days indicating a push up for GBP.
The problem here is that GBP has been attempting the move the past month and keeps being restricted in its advance.
A break and close above 1.7100 should provide clarity to the upside for the time being.
GBPJPY is having a real problem deciding which way next. GBP has been gathering strength with contracts increasing to the upside in recent weeks and the JPY is gathering attraction due to uncertainty again.
Keep an eye on this area and let it play out before jumping !!
Did you trade the double top ?
Nice double top formation at resistance level provided a simple trade to the downside which is now at a support level wondering what to do !
President Trump giving a speech today so there may be some clues after that.
There is potentially a short term pull back and then economics should push the Euro lower for the time being...
Looking at the Monthly cycle is there potential for a high to be created before the upcoming election ?
If the conservatives retain their lead at the polls and the Brexit Party refrain from contesting every seat, we could well see a cycle high form at previous structure level around 1.4200 towards the end of November.
NZDUSD on the weekly timeframe looks to create a closing bearish engulfing candle.
With data from the US still topsy turvy / if, but, maybe a trade deal, then the uptick in NZD may have to wait a while until it finds buyers at a lower level around the 0.6090 August 2015 spike.
Trades to the long side of NZD are increasing but the strength in USD may well keep it...
From our previous forecast, EURGBP has another lower step to go to reach the April 2019 low and major support level,
You can never predict politics so keep your eye on this currency for price action from news events regarding Brexit.
There should be good trading opportunities over the next few weeks.
NZD at a decision point or is it USD weakness ?
This pair is registering at the opposite ends of the daily strength and weakness table which could present some trend opportunities going forward.
A close below the previous daily candle could show a break of support with short setups. A close at the present level then PA to the upside with a close above 0.6490...