Forex Marketz Daily Forex News – Fully Markets Update
The GBP/USD Forex market continues to wander in a very narrow consolidation pattern below the all too familiar 1.57 figure. We have been here for quite some time now.
Technical Analysis
Taking a look at today’s GBP/USD technical analysis, there is near term technical support lining up at 1.5548. A daily close below this technical support level opens the doors for a challenge of the technical support lining up at 1.5460. The alternative GBP/USD technical analysis, should the Sterling push higher, thus supporting this Forex markets notes technical resistance lining up at 1.5630. A break back above this technical resistance level challenges the familiar range top, and technical resistance level, lining up at 1.57.
Trade Strategy
There are some things to consider today, before making a trade decision in the GBP/USD Forex market. Today, there is some event risk that could cause some Sterling volatility. The United Kingdom reports its inflation numbers today as well as the Bank of England’s (BOE) monetary policy decision. It is expected that the BOE will keep rates ultra-low at 0.50 percent. There is no event risk scheduled out of the United States today. However, tomorrow sees the non-farm payroll number. Looking at the technical analysis, price action is in a tight pattern wandering between a technical support and resistance level. There is no trade opportunity for a long or short GBP trade at this time. From a risk to reward perspective placing a trade now is premature. Keeping everything in mind, I will opt to stand aside and monitor my charts for a better trade opportunity to come long. Right now, I am flat in the GBP/USD Forex market.