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GBP is down significantly accross the board on CPI news. Futher decline from current levels could happen to 1.4 level. SL to be placed above 1.428.
iggy_ua's Blog
Post NFP
NFPs were not a surprise. However, the USD reaction shows a strong profit taking happenning. A further decline of GBPUSD and EURUSD is expected next week. A major reversal in the USD weekness is not on the horizon but a major correction has started.GBPUSD target is 1.4. The extended target at 1.37
GBP move
GBP has broken an ascending trendline and set a up small rebound against USD. Technically GBPUSD is ready to test 1.28. Selling at current price with a SL at 1.31 is offering 1 to 2 risk reward ratio.
Pound for pound
GBP has plummetted today after in line rate news. Despite a big spike down from the highs. GBPUSD has stalled at the intersection of the support and trend lines. A break of 1.31 will lead to 1.30 while a rebound from the current level will face a resistance at 1.32
GBP forecast
GBP is boring in the recent weeks. The range trading is a bit chaotic. This week might give a boost to GBP volatility. PMI data, BOE rate decision and finally NFPs from US should make GBPUSD to break the range between 1.30 and 1.32 with some decent mid-term trend in sight. The more expected scenario is GBPUDS fall to 1.28.
GBP in a glance
GBP is facing resurrection of Brexit talks and CPI announcement yesterday. GBPUSD has technically broken out the resistance on Friday and sits above the 1.30 for now a support level. The sentiment is still bullish but a flood of bad news can turn the pair around. My preference is this to be a false breakout. The price might go down to the trianle base at 1.26
Brexit
GBPUSD is unable to break 1.28 to the upside and is continuing to consolidate in the range 1.265 to 1.28. The upcoming brexit talks could produce large volatility. A break and a close above 1.28 or below 1.265 will lead to 1.3 and 1.24 respectively. Stop loss could be large is volatility picks up and should be placed at least 100 pips from the breakout points
GBP indecision time
GBP is stuck in a narrow range despite any news. The NFPs have produced more movement in other less volatile pairs, while pound has barely reacted to the news. The pending elections in the UK are the next main risk event for GBP. As usually, the pair could act against any odds with the flow of adverse news on elections. I would stay away from the currency until the dust settles. Technically GBPUSD support remains at 1.277, resistance at 1.305. The price targests in case the SR are broken would b…
GBP chart
GBP has produced a retracement of 61.8% of yesterdays run. UK Manufacturing PMI exceeded expectations, a further upside could have been a preferred scenario if no market moving news were pending. Today ADP employment and tommorrow NFPs will give a main puch to GBPUSD in either direction. Looking at the chart, a further pair's upside is favourable. The pair has broken out of the box and is consolidating. A move through resistance at 1.305 will give a way to 1.345. In opposite, a breakdown of 1.2…
GBP direction
No major news for today on the calendar apart from German IFO business climate. The upward momentum is very strong for EUR, I do not expect any significant EUR decline even in case of a sad IFO release. The main driver for all currency pairs will be FOMC minutes tomorrow. GBP is more challenging on the chart. From 20 Apr the GBPUSD pair has consolidated and slowly climbed up for 300pips which is a joke for a monthly GBP price action. The currency pair sits between 1.275 and 1.305 barriers. A bre…