Strategy Video: Trading Strategy for GBPUSD Heading into Key Event Risk
• GBPUSD is standing just below 1.7000 - a technical level with decades of influence
• Ahead, the docket carries UK and US inflation today, and a FOMC rate decision on Wednesday
• A true breakout or reversal will need to align technicals, fundamentals and market conditions
If GBPUSD break or reverses around 1.7000 in the upcoming session, should we trade it? The technical considerations for this round figure are easily established - perhaps easier than the Cable's bull trend over the past year. However, a technical move alone will not carry this market into its next meaningful trend (whether swing or macro). To see whether volatility will lack for a consistent direction, the market will simply remain inert or a big trend is on the way; we need to consider technicals, fundamentals and market conditions together. We do just that for GBPUSD in today's Strategy Video.
Sign up for John’s email distribution list, here.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.