ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation:
SELL 1.2845
SL 1.29
TP1 1.2665
On the daily chart, GBP/USD keeps forming the shark pattern with the target at 113%. It is situated near 1.2767 (38.2% of the last descending wave). The inability of the bulls to return the quotes inside the medium-term uptrend channel points at their weakness. In such environment, it makes sense to sell the pound on rallies.
On H1, GBP/USD formed 2 areas where players accumulated short positions: 1.2950-1.3025 and 1.2845-1.2910. A retest of the lower border of the previous consolidation range will allow bears to continue the decline.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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