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GBPUSD Still a Top Reversal Candidate with Momentum Below 1.6150

GBPUSD Still a Top Reversal Candidate with Momentum Below 1.6150

John Kicklighter, Chief Strategist

This is where we see the value of using technicals and fundamentals together. My favorite trading setup in an overdue GBPUSD breakout and possible reversal nudged the 1.6150 short-term range floor that I was monitoring. However, tagging that line has yet to translate into a revived bear trend. Ultimately, a technical breach alone will not provide the level of conviction I need to take the trade. Momentum will come through a common belief that the pair must adjust due to a greater fundamental theme. That theme is risk trends; and the mixture of QE3 unwinding, Eurozone crisis fears and the end of the third quarter will keep volatility boiling.

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