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Forex: UK Rate Expectations Raise GBPUSD, GBPJPY Breakout Risk

Forex: UK Rate Expectations Raise GBPUSD, GBPJPY Breakout Risk

John Kicklighter, Chief Strategist

Talking Points:

• UK CPI data this past session drove the sterling to the boarders of a significant bearish break

• A medium-term bear trend from GBPUSD and other pound crosses rests with the BoE Quarterly Report

• Establishing scenarios around event risk, it is important to remember the requirements of risk trends

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A quick look at the GBPUSD chart tells us there is considerable potential for the sterling pairs on Wednesday's key event risk. The sterling was driven to the very edge of a serious bear trend on pairings such as GBPUSD and EURGBP with the past session's inflation data. The decisive break or reversal, however, has been left to the upcoming October labor figures and the Bank of England's Quarterly Inflation report. We discuss the trade potential for the pound pairs on this key event risk along with other setups better suited to the broader market backdrop in today's Trading Video.

Find out what event risk can threaten the trade setups discussed in today's video with the DailyFX Economic Calendar.

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