The GBPUSD has had a volatile couple of days over the last 48 hours, as we are testing the top of the major downtrend line and the top of a major down trending channel.
Keep in mind that the Friday session as the Non-Farm Payroll announcement in the United States, and that of course will have a major influence on what happens with the US dollar. We are also “squeezed” in between the 50 day EMA underneath then the 200 day EMA above, so I think a lot of technical traders will pay attention to those as well.
Quite frankly, if we are going to continue to bounce around in this general vicinity, I will more than likely not trade this market. However, if we can break out of this range, then it would be a very powerful signal as to where we are going nextA move above the 200 day EMA on a daily close and subsequently the down trending line, has me thinking that this market will probably go looking towards the 1.38 level.
In general, I think this is a market that will continue to see a lot of volatility in choppiness, but eventually we will get a huge move to the upside or down. Ultimately, this may come down to the greenback more than anything else as the British pound itself looks a bit tired. The markets have a lot of work to do over the next couple of trading sessions, and therefore we need to sit back and let them tell us which direction to trade.
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