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Global Equities Realign, Volatility for GBPUSD and Pound Pairs Ahead

Global Equities Realign, Volatility for GBPUSD and Pound Pairs Ahead

John Kicklighter, Chief Strategist

Talking Points:

• Risk trends in global equities re-converged this past session as China's RRR cut and warning absorbed

USDollar continues to shape common technical patterns, but remain cautious about projecting

Pound pairs top the list for potential over the coming session with BoE minutes and key technical setups

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The day-to-day swings in global equities - as a proxy for 'risk - continues, but conviction is still missing for trend. The S&P 500 is now 34 trading days without a record high for the longest break for the QE-led climb since the beginning of 2013. Meanwhile, the divergence of Chinese shares (Shanghai Composite, Hang Seng) from the global equity move closed this past session. The local regulator's warning about China's equity market swell and the global impact of the PBoC's RRR cut have been incorporated into the financial system. In the FX field, the Dollar Index continues to carve out a familiar technical reversal pattern, but be wary of what this pattern is capable of accomplishing without fundamentals to back it - or at least key catalysts still further out. For near-term opportunity, the Pound pairs top the list for potential. BoE minutes caters to what matters in FX and many crosses - like GBPUSD and GBPNZD - present tempting tech patterns. These are the topics in today's Trading Video.

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