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Forex: GBPUSD Reversal Has Yield Support, Needs 1.6125 Break

Forex: GBPUSD Reversal Has Yield Support, Needs 1.6125 Break

2013-10-24 00:22:00
John Kicklighter, Chief Strategist
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Talking Points:

• BoE minutes that could have emboldened sterling traders instead left the pound to the bears

GBPUSD has considerable appeal as yields shift, but a risk theme can offer biased support

• A stir in the markets looked like a risk move, but the depth of the move is not yet proven

Sign up for John’s email distribution list, here.

A risk jolt this past session had the elements of a broadly based move, but not the fundamental girth. That may not hold back a GBPUSD reversal though. An inconsistent development in the balance between fear and greed has led many great technical setups to failure. Yet, there are some pairs where those risk trends are either minimized (AUDNZD, NZDCAD) and those that stand to benefit despite a risk anchor (GBPUSD, USDJPY). In today's Forex Video, we discuss the recent swell in activity and its catalysts as well as trade opportunities that navigate a fundamentally irregular course.

Expect breakouts? Use the DailyFX Breakout 2 strategy to signal or confirm setups!

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