GBP/USD: Pay attention to the pair this week
Updated
Hi traders, the GBP/USD pair is a pair we're watching this week. Please note that we don't take any trades unless all rules of our trading strategy align.
TECHNICALS:
The price formed a fresh HH and is on the way to close an inside candle today, which could possibly provide a buying opportunity. The 1-hour chart shows a well-defined uptrend as well.
FLOWS:
Although GBP bearish positioning increased in the previous week, markets are still hoping for a Brexit deal.
Positive headlines around Brexit fueled the demand in GBP which could persist as market participants begin to cover their shorts.
UPCOMING EVENTS:
For sure, the better-than-expected NFP numbers were a highlight of the previous week. Still, it's unlikely that the Fed will change its narrative on the Wednesday meeting, partly because the unemployment rate is still extremely high.
A repeated "low-rates-for-longer" narrative could still boost equities and lead to a renewed sell-off in the USD.
Please hit the "LIKE" button if you enjoyed our analysis. Thanks!
TECHNICALS:
The price formed a fresh HH and is on the way to close an inside candle today, which could possibly provide a buying opportunity. The 1-hour chart shows a well-defined uptrend as well.
FLOWS:
Although GBP bearish positioning increased in the previous week, markets are still hoping for a Brexit deal.
Positive headlines around Brexit fueled the demand in GBP which could persist as market participants begin to cover their shorts.
UPCOMING EVENTS:
For sure, the better-than-expected NFP numbers were a highlight of the previous week. Still, it's unlikely that the Fed will change its narrative on the Wednesday meeting, partly because the unemployment rate is still extremely high.
A repeated "low-rates-for-longer" narrative could still boost equities and lead to a renewed sell-off in the USD.
Please hit the "LIKE" button if you enjoyed our analysis. Thanks!
Trade closed: target reached
Trade closed.
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