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.



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