GBPUSD Bullish BAT | Forex Analysis
The US dollar remains mixed given that the most of the bearish adjustment in USD positions have occurred over the past two weeks. Traders have been pricing in a dovish shift in Fed’s rhetoric since the latest US labour data was a complete flop. This being said, the FOMC Chairwoman Janet Yellen is not yet anxious about a single month data. Therefore, any sign of optimism in the Fed’s statement could revive US rate hike expectations and trigger a relief rally in the US dollar (Forex Market News).
GBPUSD DXY Going Lower | Daily Forex
Pound is falling towards the target at 1.4000. Right now, the market is forming another continuation pattern, which may be considered as a part of the fifth wave. After breaking the consolidation range, the price may fall to reach the above-mentioned target. Possibly, this wave may even be extended up to 1.4198.
GBPUSD Long Setup | Forex Market News
Spot has faded the earlier spike to the vicinity of 1.4220, boosted after UK’s labour market figures have come in on the strong side during the month of May. The pair is thus looking to extend the rebound from yesterday’s drop below the 1.4205 mark, although GBP is poised to remain under pressure in light of the upcoming EU-UK Referendum on June 23. Later in the NA session, the FOMC meeting is expected to keep the monetary stance on hold once again, with market participants this time focusing on the ‘dots-plot’ and the Committee’s statement.
GBPUSD Another Bullish Bat Setup
On the GBPUSD 4h chart we have a potential long opportunity’s at the D leg completion of bullish Bat setup. The price reversal zone on this pair is between 1.4108 & 1.4019 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity’s. Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move. There is also opportunity to look for extended targets at around 1.4658 Stop loss would be placed below X leg structure support. Target 1 – 1.4360 Target 2 – 1.4511
GBPUSD Short Trade | Forex Market News
The Bank of England could elicit strong market reactions if its post-meeting statement makes reference to policy responses for UK Referendum results. Fixed income traders are pricing in unchanged BOE interest rates through the coming 12 months. These expectations would almost certainly change, however, if UK citizens vote to exit the European Union. If Bank of England officials explicitly say as much, the GBP could quickly fall further against major FX counterparts. Pivot: 1.4190 Most Likely Scenario: short positions below 1.4190 with targets @ 1.4085 & 1.4050 in extension. Alternative scenario: above 1.4190 look for further upside with 1.4285 & 1.4360 as targets.
Again, there was little change over the past 24 hours, and trading remains fairly thin and erratic. Until the British referendum on 23rd June, the GBP is going to be wild and dangerous to trade in general. A new poll released yesterday showed the “Leave” vote extending its lead to 7 percent, although the price is holding fairly steady. Online betting firms however are pricing the chance of Leave winning at only 40%. If tonight’s FOMC releases strengthen the USD, this could be a good pair to go short of, provided there are no new polls showing a firmer Remain vote.