Cable will start the new week doing battle with the 1.6300 handle after that extremely disappointing forward growth expectation party pooper.
The 240 minute chart highlights a near term swing level @ 1.6250 & an area of support & resistance from September through October, 2 handles further back ahead of 1.6100 that will likely attract interest on any continued downside momentum.
There are 2 items of data printing Monday & Tuesday on the British Pound which will focus traders keen attention, even more so now that the GDP numbers stoked the flames of an economy still flagging badly behind it’s European neighbors.
Nationwide House Prices & CBI sales will be eyed very intently next week to either confirm & compound the already depressing picture, or offer a small ray of hope to traders that the Pound isn’t about to fall off the cliff.
If you’re looking to trade this pair specifically, there’s also a slew of top tier U.S data printing all through the week, including Conf Board Consumer Confidence/Durable Goods/Advanced GDP & Jobless Claims numbers.
Again, traders both sides of the pond will be adjusting positions accordingly to absorb this ongoing fundamental data into forward trade benchmark ratio’s.
An interesting week awaits, particularly on the Cable, now the cat has exited the pigeon coop!!