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GBP/USD One of the Few Pairs with Breakout, Trend Potential on GDP

GBP/USD One of the Few Pairs with Breakout, Trend Potential on GDP

John Kicklighter, Chief Strategist

There are a number of attractive technical setups in the FX market right now - like the EUR/USD channel break - but their trade potential is sabotaged by a corrosive fundamental backdrop. Yet, there is one currency that can override the fog: the British Pound. To generate enough momentum to develop a meaningful trend, we need a fundamental catalyst with enough influence to temporarily offset the market's obsession with risk trends and the Fed's Taper timetable. For the pound and GBPUSD, that spark could be the UK's 2Q GDP release. We discuss the trade opportunities with the pound pairs as well as the viability of setups from pairs like EURUSD, AUDUSD and USDJPY in today's video.

New to EUR/USD trading? Watch this EUR/USD introduction video

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