Hi traders, the GBP/USD pair is a pair we're watching this week. Please note that we don't take any trades unless all rules of our trading strategy align.
TECHNICALS:
The price formed a fresh HH and is on the way to close an inside candle today, which could possibly provide a buying opportunity. The 1-hour chart shows a well-defined uptrend as well.
FLOWS:
Although GBP bearish positioning increased in the previous week, markets are still hoping for a Brexit deal.
Positive headlines around Brexit fueled the demand in GBP which could persist as market participants begin to cover their shorts.
UPCOMING EVENTS:
For sure, the better-than-expected NFP numbers were a highlight of the previous week. Still, it's unlikely that the Fed will change its narrative on the Wednesday meeting, partly because the unemployment rate is still extremely high.
A repeated "low-rates-for-longer" narrative could still boost equities and lead to a renewed sell-off in the USD.
Please hit the "LIKE" button if you enjoyed our analysis. Thanks!
TECHNICALS:
The price formed a fresh HH and is on the way to close an inside candle today, which could possibly provide a buying opportunity. The 1-hour chart shows a well-defined uptrend as well.
FLOWS:
Although GBP bearish positioning increased in the previous week, markets are still hoping for a Brexit deal.
Positive headlines around Brexit fueled the demand in GBP which could persist as market participants begin to cover their shorts.
UPCOMING EVENTS:
For sure, the better-than-expected NFP numbers were a highlight of the previous week. Still, it's unlikely that the Fed will change its narrative on the Wednesday meeting, partly because the unemployment rate is still extremely high.
A repeated "low-rates-for-longer" narrative could still boost equities and lead to a renewed sell-off in the USD.
Please hit the "LIKE" button if you enjoyed our analysis. Thanks!
Trade closed: target reached
Trade closed.
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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.
Related publications
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.