GBP/USD Technical Analysis: Slop to Chop, Direction Still Lacking
GBP/USD Technical Analysis explained by professional Forex trading experts the “GBP/USD Technical Analysis” FX trading team.
GBP/USD Technical Analysis
Realistically, it may take us a little while for the current slop in GBP/USD to resolve. The next Super Thursday meeting isn’t until February, and we’ll probably see considerable attention paid to the U.S. and European economies as we move towards year-end. The drivers around Brexit still exist, and this could continue to stoke volatility in the pair. Traders should be careful of executing shorts off of 1.3216 as we’d looked at last week. While that resistance played rather cleanly, a revisit around the same level just a few trading days later could be setting up a trap for bears, and if we do see the U.S. Dollar continue to weaken as we’ve seen over the past couple of days, that short position could end up being quite painful.
GBP/USD Technical Analysis Conclusion
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