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Video: GBPUSD Breaks on Dubious Circumstances, Greece Riles Risk Trends

Video: GBPUSD Breaks on Dubious Circumstances, Greece Riles Risk Trends

John Kicklighter, Chief Strategist

Talking Points:

GBPUSD marked a clean break of a multi-month channel, yet the BoE Report didn't support the move

• Rhetoric surrounding the Greek-Eurozone negotiations continue to stir the markets as tension pulsates

• Though the Dollar has long-term fundamental strength, a pullback may soon be in the works

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A high-profile catalyst for UK rate speculation was positioned to take the spotlight from the ongoing debate over Greece. Yet, activity would not follow anticipation. Counting down the days to Monday's Eurogroup meeting where terms for Greece's stop gap are to be discussed, market participants were caught off guard by a fresh round of assertive and combative commentary. Prime Minister Tsipras kept to a hard line that a bridge loan and favorable austerity changes were to be expected on Monday. Meanwhile, Eurozone officials would contradict the claims of progress. Between this ebb and flow, EURUSD progressed in its rebound and the S&P 500 moved within view of a fresh record highs. Meanwhile, the Bank of England's Quarterly Inflation report struck a slightly more dovish tone, yet GBPUSD broke a seven-month trend channel. Is the Dollar setting up for a turn that can carry the cable higher? We look at what is driving the markets and attempt to assess where in today's Trading Video.

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