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Clean Technicals and Appealing CPI Data May Not Be Enough for GBPUSD Break

Clean Technicals and Appealing CPI Data May Not Be Enough for GBPUSD Break

John Kicklighter, Chief Strategist

Talking Points:

• Market conditions reflect drained volume, curbs on volatility and moderation of key fundamental themes

• There are a range of technical patterns that look particularly appealing, but they will struggle for traction

• China, Greece and Fed rates have taken a back seat to start the week; UK CPI is top listing ahead for GBP

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The list of attractive technical patterns seems to grow longer by the day. Unfortunately, those pairs and markets that seem aligned for breakouts and trend development on the chart will likely flounder or trip false moves. Underlying conditions - volume, volatility, thematic price development - are miring us in the season 'Summer Lull'. With major headlines like China, Greece and Fed rate forecasting further put on ice; the potential for developing these technical patterns is further undermined. Range-based scenarios still look to be the most appropriate options given the market we have been dealt - and that is even true for Pound crosses. UK inflation figures are key fundamental fodder for the Sterling, but tapping into BoE rate forecasting is still an uphill process for leveraging big market moves. We cover the top themes, upcoming event risk and prominent range options 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.