GBPCHF On Watch
The hawkish shift in last week’s Bank of England meeting has put GBP firmly back in focus. One chart in particular which I am watching is the GBPCHF. Following the initial channel break, price subsequently corrected lower. However, the pair is now attempting to break out once again. MACD and RSI both fairly flat here and the retail community is plenty long meaning that we will need to see some of these positions burned out if we are to head higher. With that in mind I’ll be monitoring the 1.2824 level with a break of highs targeting 1.2987 initially.
Key Data to Watch
BOE’s bailey speaks this week and traders will be carefully scrutinizing his comments following the hawkish shift at the BOE meeting last week. With traders now looking to gauge the likely start of BOE tapering, there is plenty of room for GBP to move higher in the near term, creating strong monetary policy divergence between the BOE and SNB, which remains committed to keeping easing in place.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.