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Will GBPUSD Reverse after Massive Run and Setting Up RBA Impact

Will GBPUSD Reverse after Massive Run and Setting Up RBA Impact

John Kicklighter, Chief Strategist

A 10-day bull run from GBPUSD - matching the strongest advance in three decades - was brought to an end Monday. This is an attractive statistic for those trying to pick reversals, but history says we need more to force a true reversal. In the meantime, traders are prepping for the RBA rate decision. Expectations have grown decisively dovish/bearish, meaning the bar has been set very low for a negative reaction from the Australian dollar. Could a rate cut actually end with an Aussie dollar rally? Also, we look at the shift in risk trends to start the weekend - breaking last week's bull trend; but once again, there is little momentum behind this change of tides.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.