GBPUSD short but be aware of US CPI volatility
Looking for some reversals from the previous signals. Yesterday we didn't get any triggers, which signals a change in trend in itself.
Today is US CPI so I am expecting some volatility and for traders to get stopped out.
DXY could go higher and break through the relative equal highs, this could amount to just a stop run and at this point we wait to see if its a liquidity grab or not.
GBPUSD has a couple of imbalances on the way down to fill but there is also one above. The reason I favour GBPUSD shorts today is due to higher cpi readings, leading to rate hikes, leading to dollar strength. Technically the DXY also made its weekly low (so far) on Tuesday and this is known as turnaround Tuesday.
USDJPY confirms a possible long USD and GBPJPY confirms a short pound. But that makes the Yen a problem.
Today is US CPI so I am expecting some volatility and for traders to get stopped out.
GBPUSD has a couple of imbalances on the way down to fill but there is also one above. The reason I favour GBPUSD shorts today is due to higher cpi readings, leading to rate hikes, leading to dollar strength. Technically the DXY also made its weekly low (so far) on Tuesday and this is known as turnaround Tuesday.
USDJPY confirms a possible long USD and GBPJPY confirms a short pound. But that makes the Yen a problem.
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No signal on GBPUSD before CPI
