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GBP/USD Lows Tested and a Return to Normal Trading Conditions
While the trading in the GBP/USD was volatile it was not out of the ordinary. Traders with experience certainly knew fast conditions would be seen last week. Now that the U.S election is done and the Federal Reserve and Bank of England have acted, the coming week of trading will return to mostly normal trading conditions. Plenty of economic data will factor into trading in the coming days. The U.S will release CPI on Wednesday and another inflation report on Thursday, Britain will publish its growth numbers on Friday.
The GBP/USD did manage to climb above the 1.29000 level and sustain its value going into the weekend. The price of the currency pair is hovering near price values seen in the middle of August. Trading in the GBP/USD has certainly been bearish since the last week of September and now it may be time to ask if risk adverse trading is overdone. Financial institutions have more clarity regarding outlook over the mid-term and considerations will be given again to the U.S Federal Reserve’s rhetoric.
Early Trading and Equilibrium in the GBP/USD
After a handful of rather turbulent weeks has been seen in Forex, including the GBP/USD, as financial institutions became cautious, speculators may believe the time is right to look for upside in the Forex pair. However, before day traders jump blindly into long positions they should make sure the current support levels are proving durable early this week.
If the GBP/USD can maintain support above the 1.29100 level and begin to test higher prices before the U.S Consumer Price Index numbers this Wednesday it may show financial institutions believe there is some upside to achieve.
However, for this to remain a belief and the GBP/USD to climb higher, it is likely the U.S CPI numbers will have to meet or come in weaker than estimated.
While the trading in the GBP/USD was volatile it was not out of the ordinary. Traders with experience certainly knew fast conditions would be seen last week. Now that the U.S election is done and the Federal Reserve and Bank of England have acted, the coming week of trading will return to mostly normal trading conditions. Plenty of economic data will factor into trading in the coming days. The U.S will release CPI on Wednesday and another inflation report on Thursday, Britain will publish its growth numbers on Friday.
The GBP/USD did manage to climb above the 1.29000 level and sustain its value going into the weekend. The price of the currency pair is hovering near price values seen in the middle of August. Trading in the GBP/USD has certainly been bearish since the last week of September and now it may be time to ask if risk adverse trading is overdone. Financial institutions have more clarity regarding outlook over the mid-term and considerations will be given again to the U.S Federal Reserve’s rhetoric.
Early Trading and Equilibrium in the GBP/USD
After a handful of rather turbulent weeks has been seen in Forex, including the GBP/USD, as financial institutions became cautious, speculators may believe the time is right to look for upside in the Forex pair. However, before day traders jump blindly into long positions they should make sure the current support levels are proving durable early this week.
If the GBP/USD can maintain support above the 1.29100 level and begin to test higher prices before the U.S Consumer Price Index numbers this Wednesday it may show financial institutions believe there is some upside to achieve.
However, for this to remain a belief and the GBP/USD to climb higher, it is likely the U.S CPI numbers will have to meet or come in weaker than estimated.
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i'm bullish on cable for tomorrow , keep this in mindNote
1H chart
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a gift From IRAN with Love and Peace Note
bullish regular divergence appeared in the 15min chart
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