GBP at Play Today

 Posted by at 3:01 PM  FX Market
Jun 172020
 

UK release some CPI and PPI data a while ago at 2PM (GMT+8). Sterling is currently moving positive against USD and JPY and negative against AUD and NZD. It seems that the market is still on a risk-on scenario.

However, it is important to not that equities last night closed flat after FED Chairman’s testimony. This may provide guidance that the FED failed to ignite the bulls’ appetite. Futures is also flat.

Sterling play I am seeing is a short against safe havens USD or JPY when it rallies to bargain levels.

UPDATE:

Given DJI Futures pulling back from resistance and walking on a tightrope, my forecast is for the market to generally be risk-off.

Screen Shot 2020-06-17 at 20.49.47

Play is a GBPAUD Long at 1.82, SL -25pips, TP +100. Judging by the charts, this pair seems to provide the least resistance compared to going short GBPUSD.



GBPAUD Long by traderh on TradingView.com

Trader H

TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.

 Leave a Reply

(required)

(required)


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>