British Pound / U.S. DollarUpdated It's Make Or Break in less than 1HR for GBPUSD. Check back.
https://www.tradingview.com/x/aaloJZiC/
If there is 1 pair that has caused some up-down-up-down crazy, frustrating, manipulated-maybe price-action, stealing the show the past month or so would be GBPUSD.
Further falls over the past 16 hours or so, with USD$ rallying following CPI data for USA.
Well now its Great Britain's turn with the data in less than an hour. GDP is being released in the UK. This is what it all entails for the Pound to bounce or fail further falls. I am tipping the former.
au.investing.com/economic-calendar/
18:00 GBP Construction Output (MoM) (Oct) 0.2% 0.1%
18:00 GBP U.K. Construction Output (YoY) (Oct) 0.0% -0.4%
18:00 GBP GDP (MoM) (Oct) 0.1% -0.1%
18:00 GBP GDP (YoY) (Oct) 1.6% 1.0%
18:00 GBP Industrial Production (MoM) (Oct) 0.3% -0.5%
18:00 GBP Industrial Production (YoY) (Oct) 0.2% -1.8%
18:00 GBP Manufacturing Production (YoY) (Oct) 0.9% -0.7%
18:00 GBP Manufacturing Production (MoM) (Oct) 0.2% -1.0%
18:00 GBP Monthly GDP 3M/3M Change (Oct) 0.2% 0.1%
18:00 GBP Trade Balance (Oct) -16.10B -16.32B
18:00 GBP Trade Balance Non-EU (Oct) -5.31B
Check back and I will give my impressions of 'sides' & possible trading action to take.
If there is 1 pair that has caused some up-down-up-down crazy, frustrating, manipulated-maybe price-action, stealing the show the past month or so would be GBPUSD.
Further falls over the past 16 hours or so, with USD$ rallying following CPI data for USA.
Well now its Great Britain's turn with the data in less than an hour. GDP is being released in the UK. This is what it all entails for the Pound to bounce or fail further falls. I am tipping the former.
au.investing.com/economic-calendar/
18:00 GBP Construction Output (MoM) (Oct) 0.2% 0.1%
18:00 GBP U.K. Construction Output (YoY) (Oct) 0.0% -0.4%
18:00 GBP GDP (MoM) (Oct) 0.1% -0.1%
18:00 GBP GDP (YoY) (Oct) 1.6% 1.0%
18:00 GBP Industrial Production (MoM) (Oct) 0.3% -0.5%
18:00 GBP Industrial Production (YoY) (Oct) 0.2% -1.8%
18:00 GBP Manufacturing Production (YoY) (Oct) 0.9% -0.7%
18:00 GBP Manufacturing Production (MoM) (Oct) 0.2% -1.0%
18:00 GBP Monthly GDP 3M/3M Change (Oct) 0.2% 0.1%
18:00 GBP Trade Balance (Oct) -16.10B -16.32B
18:00 GBP Trade Balance Non-EU (Oct) -5.31B
Check back and I will give my impressions of 'sides' & possible trading action to take.
Note
Bearish result. Very bearish.
Now I just wonder how the USD will stack up going into a bearish interest rate decision next week.
I may offer a trade on this still, but I have tried so hard over the years to refrain from Short trades on a whim.
Note
Trade active
This is the daily synopsis of GBPUSD. Bearish GDP figures released today in G.B.
USA will be the focus again next week, with a more than likely case for another interest rate reduction.
See daily chart and possible reversal trade. Price will begin to turn upwards and I expect some accumulation and support around one of the key levels on the daily chart.
Note
Don't buy in yet until the dust settles. Look for an accumulation of candles on a 1 minute or 5 minute chart and some confluence around moving averages or vwap.
Ideally best time to take a trade like this would be following confirmation of an interest rate reduction. IE. On the day. The only detrimental thing is the gap-up in price, so you may not get in under recent levels.
On the 4hr chart there is still in existence a bullish head n shoulders pattern.
Note
BUY GBPUSD at about 1.2640 to 1.2660 SL 1.2595. TP: will advise. much higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.