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Howdy Folks,
We had a great webinar this afternoon full of really good questions. I had a lot of fun and I hope you can make it next week! There have been a few comments about the time scheduled for this webinar. I realize that 12:00PM / 19:00GMT isn’t that convenient for folks who work full time. Originally I thought these would be recorded so you could watch them on your own time but as it turns out they are not. I will chat with the FX Street folks about adding another time slot that is more convenient or moving the one we currently have.
On to tonight’s GBP/USD chart. I decided to accommodate last week’s price action by drawing the channel slightly lower. Although technically today’s daily candle closed in bargain day territory it is really a questionable sell in my opinion. Just reading the chart we see a hammer on the daily, rising support through the channel and the round number $1.62 in play here. On the four hour chart we see a possible 1-2-3 reversal pattern. However on the sell side the fundamentals may play a factor. Tomorrow there are three reports due out for the U.K. including the Halifax House Price Index. The Right Move HPI report missed the numbers by a long shot and helped fuel a GBP/USD sell off although the Nationwide HPI last week showed improvement. Even with the bullish technical picture the fundamentals may end up crushing this currency. Either way, yesterday was a bank holiday in the U.K. so I expect some fun as traders return to work tomorrow.
It will be interesting to see if today’s demand level around $1.62 holds any assault as London comes online tomorrow morning but for now, I’m patiently waiting for this currency to do something interesting…
Best of luck,
Ryan