Forex – cable GBPUSD outlook sees rise. The sterling GBPUSD consolidate gains above the 1.8920 mark making new 11-week highs earlier this morning.
The yesterday’s rise of 25bp UK rate is continuing to underpin the pair, as is the risk of a Fed rate pause next Tuesday.
At the moment, there are speculations on GBPUSD heading towards the yearly high of 1.9026 of May 17th if the July US Nonfarm Payroll number fails. On the other hand, the above forecast non-farm payroll report could also spur pre-weekend profit-taking on long GBPUSD positions. Early indicators are still in place for further rise on the hourly chart.
The pound-yen, GBPJPY in sharp contrast was the only currency with good trading range. The morning trades were equally ranging like GBPUSD but with enough movement to take positions. There was a trading high and low between 218.34 and 216.90. With GBPUSD trading thin, we decided to stay out.
In all other currencies, there have been very little or no movement at all like a dowsed fire. This made trading today very low key. Sometimes, the best decision knowing when to stay off. Today was a good example.
Remember you don’t have to trade if the fire for the trade isn’t there.
“A Mentor’s footprint is worth a thousand walk of trailblazing. Seek the WISDOM of the fore-runners.” – Benny Nardino
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