Trust The Chart

While this move higher into 1.5800 has peaked a lot of interest, $GBPUSD still closes below the key resistance level. Cable remains rangebound. It looks like a big move but she has yet to prove herself. I love how 50 puts it this morning

 

Trust the chart. And this is why I love StockTwits because that wise nugget comes through to keep things in perspective. Because I actually understand the bulls. It seems the market expects a dovish move from the Fed. I am more skeptical but that doesn’t matter. All that matters today is the market’s reaction to the Fed minutes. If they support the market’s notion for a QE move in September then a breakout could be imminent.

But it is still summer. Trust the chart. The $GBPUSD has yet to become bullish after yesterday’s big move. Not very constructive as the market awaits the release of the Fed minutes. Trade what you see.

 

 

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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