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GBP/USD couldn’t catch a break over the last twenty four hours. First the Rightmove housing data was abysmal casting doubt the U.K. housing market was on the road to recovery. Second the risk mood jumped dragging down equities and sending the VIX up which added more fuel to the sell off. This price action leaves us in a quandary between selling weakness or potentially buying support. I’m not excited about anything on this currency pair tonight. I personally don’t believe this ascending channel is going to hold. I suspect it breaks later this week but we will have to wait and see. Ideally, the GBP/USD will rally a bit tomorrow potentially giving us the “bargain day” I talked about in today’s FX Street webinar. This might give me an opportunity to sell the pair at a better price. If I sold now, I’d effectively be paying full price for a trade in the midst of a sell off.
This ascending channel may hold, it may not we will just have to wait and see how price action plays out for now. I hate it when I say something obvious. Bottom line is I don’t’ see anything worth attacking on this pair tonight. Perhaps tomorrow night.
Best of luck!
Ryan